Wednesday, April 26, 2017

Shares open higher on Wall Street rally

MANILA – Share prices opened higher on Wednesday as strong corporate earnings in the US fueled a rally on Wall Street.

The Philippine Stock Exchange was up 0.11 percent to 7,708.85. The peso opened at P49.67 to the dollar from P49.675 on Tuesday.

Foreign investors are returning to the Philippines and other emerging markets on expectations the Federal Reserve would raise rates twice more this year, instead of three times as some feared, BPI Securities research head Haj Narvaez said.

“It’s really fund flow driven,” Naravez told ANC’s “Market Edge with Cathy Yang.”

The local stock rally has room to extend since foreign funds are net sellers year to date, Narvaez said.