Shares track Wall Street gains, peso hovers at P50-level


Posted at Mar 02 2017 09:56 AM

MANILA – Share prices opened higher with the rest of Asia on Thursday, tracking gains in the US after the Dow breached the 21,000-level for the first time. The peso stayed at 10-year lows.

The Philippine Stock Exchange Index was up 0.43 percent to 7,201.34. The peso opened weaker against the dollar at P50.30 from P50.28 on Wednesday.

US President Donald Trump pledged “massive” tax relief and infrastructure spending, fueling a rally on Wall Street and boosting the dollar against major currencies.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, led by rebound in Australian shares.

Japan's Nikkei rose 1.3 percent to a 14-month high.

MSCI's broadest gauge of the world's stocks covering 46 countries rose nearly 1 percent to a record high, after posting its biggest daily gain in almost three months.