SHARE prices on the Philippine Stock Exchange (PSE) surged by nearly 2 percent on Monday, buoyed by optimism from announcements made by the US Federal Reserve.
The local stock barometer gained 100.15 points or 1.82 percent to close at 5,610.98. The broader All Shares index rose by 48.19 points or 1.45 percent to 3,380.63.
“Local stocks rallied over optimism as Fed announced new measures to fix financial markets,” Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.
The US Federal Reserve on Thursday unleashed a $2.3-trillion package, as it said it would work with banks to offer four-year loans to companies of up to 10,000 employees and directly buy bonds of states.
“Latest measures aim to deliver on its pledge of support for municipal government as well as small- and medium-sized businesses and employees. The package also boosts their existing credit facilities,” said Limlingan.
Locally, there was no trading on Thursday and Friday, April 9 and 10, in commemoration of the Holy Week holidays.
More than 539.988 million shares, valued at P5.203 billion, changed hands. Advancers led decliners, 112 to 70, and 46 issues were unchanged.(GMA News)
