Philippine shares rally of Fed’s individual corporate buying program

Share prices on the Philippine Stock Exchange closed in the green on Tuesday as buying sentiment got a boost from the US Federal Reserve’s announcement of its corporate bond buying program.

The bellwether PSEi gained 117.93 points or 1.91% to 6,281.75 at the closing bell. The broader All Shares increased by 52.78 points or 1.45% to 3,699.61.

“Local stocks took cues from Wall Street’s rally overnight amid the Federal Reserve’s announced individual corporate buying program,” Philstocks Financial said in a daily market close report.

The Federal Reserve on Monday announced it will begin a buying program of corporate bonds to support market liquidity and the availability of credit for large employers.

More than 968.672 million shares valued at P6.986 billion, changed hands. Advancers led decliners, 141 to 54, and 46 issues were unchanged.—AOL, GMA News