PSEi snaps two-day downtrend, up 2.76% to 6,300 level

Philippine stocks rose to the 6,300 level on the PSEi Monday, snapping a two-day decline, as investors scoured the market for bargains amid welcome developments surrounding the US Federal Reserve's bond-buying stimulus.

The benchmark PSEi soared by 169.71 points or 2.76 percent to 6,302.71 at the close.

The broader all-shares index jumped by 64.16 points or 1.72 percent to 3,802.43.

"Most investors took cues from Dow Jones' ascent last Friday and uptrend in most Asian markets," Freya Natividad, investment analyst at Papa Securities Corp., told GMA News Online.

"The market participants welcomed the news that Lawrence Summers backed out of possibly heading the US central bank as the next favorite candidate is pro-stimulus program," she said, noting most investors want the Fed to continue the bond-buying program.

The Federal Open Market Committee will meet on September 17 to 18 and is expected to announce its next steps for its $85-billion bond buying stimulus.

Reuters reported the US dollar slid while bonds and shares rallied in Asia on Monday after news Lawrence Summers dropped out of the race to head the Federal Reserve which sent a signal to markets

that super-easy money may be prolonged.

Nearly 1.58 billion shares valued at P10.07 billion were traded. Advancers overshadowed decliners 93 to 48 while 45 stocks were unchanged. – VS, GMA News

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