Stocks prices rise on hopes of Fed rate cut

by Earl John Alfaro - Niña Myka Pauline Arceo

Aug 23, 2024 12:20 am

PHILIPPINE stocks surged anew on Thursday, with the local stock barometer testing the immediate resistance of 7,000 points before pulling back on last-minute profit-taking, as investors took their cue from Wall Street's rally overnight and the US Federal Reserve's hint of a possible September rate cut.

Meanwhile, the Philippine peso held firm against the greenback for the fourth consecutive day on Thursday.

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