The Philippine Stock Exchange (PSE) trading session on Monday shoot high on their share prices with second consecutive ahead of the Federal Reserve meeting scheduled later this week.
The PSEi gained 29.18 points or 0.49% to 5,997.14. The broader All Shares index grew 13.30 points or 0.37% to 3,590.68.
“Philippines shares closed up modestly higher as focus of the week shifts to the FOMC meeting and FTSE rebalancing,” Luis Limlingan, head of sales at Regina Capital Development Corp., said in a text message.
The Federal Open Market Committee is scheduled to meet on September 15 and 16, to discuss whether or not a change in policy rates is warranted given the current conditions.
Limlingan also said that market players took into consideration China’s reported tightening rules, affecting large players in the market.
“Investors also digested news that China is tightening rules and imposing capital demands on sprawling conglomerates such as Ant and Evergrande in its latest attempt to curb financial-industry risks,” he added.
At least 1.128 billion shares, valued at P4.710 billion, changed hands. Advancers led decliners, 110 to 99, and 37 issues were unchanged.