Stocks continue to recover after US rate hike

The main index jumped 96.0 points or 1.37 percent to close at 7,122.45 on Thursday, March 17, as Banks led the charge while the Mining and oil counter retreated. Volume was relatively stable at 1.43 billion shares worth P7.5 billion as gainers outpacing losers 123 to 62 with 49 steady.

“Philippines shares continued to rebound after the Fed raised its benchmark interest rates by 0.25 percent for the first time since 2018,”said Regina Capital Development Corp. Managing Director Luis Limlingan. D.A. Market Securities said “Asian stocks rose as investors were cheered by comments from the Federal Reserve on U.S. economic growth and China’s moves to support its market.”

Limlingan added that, “The market movement was also influenced by a positive development on the ongoing peace talks between Ukraine and Russia, as reported by the media.“ “Back home, NEDA said the country is still on track to reach its economic growth target this year despite the impact of Russia’s invasion of Ukraine on prices,” he noted.

Source: News Formal (newsformal.com)

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