Local market gains as investors parse Fed’s next action

 

The stock barometer firmed up for the second session in a row as foreign investors gobbled up more local equities while investors digested the latest US Federal Reserve meeting minutes.

The main-share Philippine Stock Exchange index (PSEi) gained 39.47 points or 0.5 percent to close at 7,888.31, supported by about P506.76 million worth of net foreign buying.

“Philippine markets went on bargain hunting mode, as the US resumed its trading after a holiday,” said Luis Gerado Limlingan, managing director at Regina Capital Development.

The latest Federal Open Market Committee minutes, Limlingan said, was relatively “dovish.”

Overall volumes were low given little marke…

Keep on reading: Local market gains as investors parse Fed’s next action

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