Philippine stocks soar on US Fed rate cut

The Philippine stock market welcomed the decision of the US Federal Reserve to cut its benchmark interest rate by 50 basis points, ending the trading day higher by 2.23% or 73.23 points to close at 3,362.98.

Total shares traded yesterday were 3.3 billion valued at P3.9 billion. Gainers swamped decliners 96 to 23, with 40 stocks unchanged.

Online trading site BPITrade expects the market to continue its upswing today, with initial resistance at 3400.