Philippine stocks rise after Fed holds rates, peso steady

Philippine stocks rose on Thursday following the Federal Reserve's decision to keep interest rates near zero, while the peso remained relatively stable against the US dollar.

The Philippine Stock Exchange index (PSEi) increased by 0.36 percent, with all sectoral counters gaining except for Services which saw a slight increase.

Investors were reassured by Malacanang's announcement of extending GCQ in Metro Manila until August 15 instead of imposing a lockdown as suggested by medical experts to curb the rise in COVID-19 cases due to the Delta variant.

On Tuesday, bargain hunting lifted local equities with the PSEi rising by 2.35 percent and all sectoral counters finishing with gains led by Property and Mining and Oil indices.

The peso weakened slightly against the US dollar on Tuesday compared to its previous day's close.