Stocks rose for a fourth day, sending the benchmark index above the 6,600 mark on hopes the US Federal Reserve will tone down its monetary tightening campaign.
The PSE index, the 30-company benchmark of the Philippine Stock Exchange, gained 76 points, or 1.2 percent, to close at 6,606.94 Friday, as five of the six subsectors advanced.
The broader all-share index also went up 30 points, or 0.9 percent, to settle at 3,452.44 on a value turnover of P7.1 billion. Advancers led losers, 100 to 69, while 42 issues were unchanged.
Seven of the 10 most active stocks ended in the green, led by PLDT Inc. which climbed 4.1 percent to P1,665.00 and Metropolitan Bank & Trust Co. which rose 3.6 percent to P56.15. Bank of the Philippine Islands added 3.1 percent to finish at P102.10.
The mood across markets picked up this month as a series of indicators suggested the US economy, the world’s largest, was showing signs of weakness after the Federal Reserve ramped up interest rates.