Local shares slightly higher
Local shares closed slightly higher yesterday as traders await the closely-anticipated outcome of the US Federal Reserve meeting on interest rates. The benchmark Philippine Stock Exchange index (PSEi) finished 30.07 points or 0.42 higher at 7,123.99 on moderate volume. A total of 1.66 billion shares valued at 6.7 billion was traded. Gainers topped losers, 114-62, with 37 issues unchanged. Meanwhile, Asian stock traders remained broadly optimistic leading up to Thursday’s crucial US interest rate decision, with most stock markets and higher risk assets extending recent gains as part of another global rally. On Thursday Tokyo ended 1.43 percent higher while Sydney tacked on almost one percent. Seoul, Wellington and Taipei also ended strongly. However, Shanghai closed down 2.10 percent – it surged almost five percent Wednesday after losing around six percent in the previous two sessions – and Hong Kong was 0.86 percent lower in late trade.