The benchmark Philippine Stock Exchange index (PSEi) surged by 242.51 points or 3.57% to close at 7,035.76 on Wednesday, while the broader all shares index went up 96.77 points or 2.69% to end at 3,687.17. READ:
PHILIPPINE STOCKS rebounded on Wednesday, tracking Wall Street’s climb ahead of the US Federal Reserve’s policy decision and despite continued worries over elevated inflation that could slow down consumer spending.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said in a Viber message that the PSEi rose as it took its cue from overnight gains on Wall Street amid the latest easing in US wage inflation data and US home prices, which could support a less hawkish stance from the Fed. US labor costs increased at their slowest pace in a year in the fourth quarter as wage growth slowed, Labor department data showed.
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