PSEi rises as Fed keeps rates low until 2023

The Philippine Stock Exchange index (PSEi) rose on Thursday as the Federal Reserve announced it would keep key interest rates near zero until 2023 to support economic recovery.

Financials led gains with a 2.28% increase, followed by Property at 2.19%, Mining and Oil at 1.58%, Industrial at 0.64%, and Services at 0.24%.

The peso remained nearly stable against the US dollar, closing at 48.68 from 48.725 on Wednesday.

On Wednesday, PSEi had already gained by 0.12% with most sectors rising except Property which fell by 0.52%. The peso also maintained a sideways movement, ending at 48.725 from 48.635 the previous day.