Stocks close higher ahead of US Fed meeting

June 14, 2017

Stocks gained on Wednesday, driven by strong foreign buying ahead of a meeting by the US Federal Reserve. The Philippine Stock Exchange index went up by 48.12 points to 7,966.01. In the broader market, there were 97 gainers, 85 decliners and 50 unchanged. Volume turnover reached 2.19 billion shares valued at P22.86 billion. Foreign buying amounted to P17.76b and foreign selling P6.38b. Most active shares included PLDT, up 2.97 percent to P1905  after it said it was selling its remaining stake in Meralco to Metro Pacific Investments Inc for P21.8 billion. Meralco went down 3.59 percent to P257.80. The peso gained 30 centavos to close at P49.505 against the US dollar. Volume was at $427.60 million from $297.50 million at the Philippine Dealing System. DMS       PSEi closed at 7,966.01 up 48.12 points or 0.61 percent.