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Local Equities Gain on Fed Interest News

The local equities market gained 55.45 points (+0.77%) to close at 7,287.29, advancing for the third consecutive day due to positive investor sentiment after the Federal Reserve decided to keep interest rates low for a “considerable time” after QE3 ends.

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Local Equities Going Higher

The local equities market closed the day higher, tracking gains in the US equities market brought on by recently released, robust manufacturing data. This served to confirm suspicions that previous months’ weakness was due to the unusually harsh winter.

Also, markets worldwide were relieved that sanctions imposed by the West on Russia and certain Ukrainian individuals would be of negligible economic impact, thus far. The PSEi surged forward, jumping 66.56 points, or +1.04%, to close at 6,466.55.

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PH Economy Expands Despite Yolanda

For the final quarter of 2013, the Philippine economy expanded by 6.5% year-on-year despite the damage caused by the Typhoon Yolanda during the latter part of the year.

The 4Q2013 growth was higher than Bloomberg’s consensus estimate of 6.0%. The better-than-expected growth was supported by the service sector, specifically Trade and Real Estate, Renting & Business Activities as well as the robust growth of the manufacturing sector.

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