Philippine stocks rebounded Tuesday on more dovish signals from the US Federal Reserve.
The bellwether Philippine Sock Exchange index climbed 11.91 points, or 0.19 percent, to close at 6,264.07, while the broader all-shares index inched up by 6.22 points to finish at 3,386.27.
“The local stock index notched a gain on the back of remarks by top Federal Reserve officials that indicate a potential pause in rate hikes if US bond yields remain elevated,” China Bank Capital managing director Juan Paolo Colet said.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the US and local stocks were expected to remain stable, provided that the Israel-Hamas conflict does not spread to other countries in the Middle East, especially the major oil-producing countries.
The peso also traded higher at 56.82 against the US dollar Tuesday, after falling to 56.95 Monday in reaction to the Middle East tension.