PHL stocks return above 7,300

MANILA, Oct. 26 (PNA) — Local share prices returned to the 7,300-mark on Monday, as investors were encouraged by positive global and local developments ahead of third-quarter earnings results.

The barometer Philippine Stock Exchange index (PSEi) surged 88.02 points or 1.22 percent to 7,324.40 from Friday’s 7,236.38 close.

“Buoyed by expectations of at least the status quo in major central banks’ monetary stance, investors continue to fatten their equity portfolio ahead of a United States Federal Reserve meeting, month-end window-dressing and third-quarter quarter data both for the broad domestic economy and listed companies,” said Jun Calaycay of Philstocks Financial Inc.

Calaycay said the local bourse rallied along with Asian markets.

The US Federal Reserve meets again Tuesday with a decision on interest rates to be made public the following day.

At home, all counters were in the positive territory led by the 2.47-percent gain of services firms.

A total of 1.38 billion shares valued at Php8.40 billion changed hands.

Advancers swamped decliners, 116 to 70, while 32 issues unchanged. (PNA)