Markets climb on optimism over Fed rate hike pause: Philippines

Markets climb on optimism over Fed rate hike pause: Philippines

Markets built on a global rally yesterday after a mixed US jobs report lifted hopes the Federal Reserve will skip an interest rate hike this month, while oil extended gains after Saudi Arabia slashed output.

The figures combined with news that Washington had finally passed a debt ceiling deal to avert a catastrophic default, while a report that China is looking at fresh support for its property sector also boosted sentiment.

Wall Street surged Friday after data showed the US economy added 339,000 jobs last month, far more than expected, indicating the labor market remained strong despite more than a year of Fed rate increases.

Asian traders welcomed the news, with Hong Kong extending Friday's four percent surge, while Tokyo piled on more than two percent to a fresh three-decade high and Sydney added one percent.

The Philippine Stock Exchange Composite index (PSEi) gained by 9.63 points or 0.15 percent to close at 6,521.64. The broader All Shares index was likewise up, closing 11.46 higher or 0.33 percent to settle at 3,486.33.

The sectoral gauges were also mostly up except for services and property. Total value turnover reached P3.36 billion. Market breadth was positive, 114 to 64 while 37 issues were unchanged.

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