PSEi opens on firm note, retakes 6,600 territory

Share prices on the Philippine Stock Exchange opened on a positive note Thursday, coming back from a mid-week holiday break, cued by cheers from global markets over indications by the US Federal Reserve position that does not support an increase in interest rates at this point in time.

The benchmark PSEi    was up 57.81 points or 0.88 percent to 6,645.30 as of 10:22 a.m. The broader All Shares    was up 31.64 points or 0.80 percent to 3,990.95.

Asian shares were in rallying mode early Tuesday following the release of minutes of the latest Fed policy meeting which suggested the US central bank was more cautious towards raising interest rates than investors had expected, Reuters said.

For the same reason US stocks were up overnight on Wall Street.

These developments placed the weekly chart for Philippine local stocks on a firm footing above possible downtrend lines drawn from the May 2013 all-time highs, Jun Calaycay, analyst at Accord Capital Equities Corp., noted in his daily commentary.

Philippine financial markets were closed Wednesday for Araw ng Kagitingan or Day of Valor.

Share prices were down on Tuesday as investors opted to cash-in on gains before the mid-week holiday. – VS, GMA News