Philippine stock market hits highest level since March 2022 after US rate cut

The US Federal Reserve's higher-than-expected rate cut on Thursday positively impacted the Philippine stock market, with gains continuing into Friday.

By the end of trading on Friday, the benchmark PSEi rose by 0.7 percent to close at 7,252.32, its highest level since March 2022.

The broader All Shares Index also increased by 0.62 percent to 3,895.62 points.

Trading was robust with 1.09 billion shares worth P14.02 billion changing hands, reflecting strong market activity.

Experts predict that the Bangko Sentral ng Pilipinas will make two more rate cuts this year following the Fed's decision, benefiting banks by lowering borrowing costs.