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Manila Bulletin devider Business devider Stocks inched up despite higher US inflation

Stocks inched up despite higher US inflation

Published Oct 14, 2022 04:08 pm

The PSEi lost most of its gains for the day but still managed to close in the green as US bourses advance despite higher-than-expected inflation.

The main index added 9.11 points or 0.16 percent to close at 5,904.75 as the Property sector led the advance although Conglomerates and the Services sector declined. Volume improved to 443 million shares worth P4.65 billion as gainers beat losers 115 to 70 with 40 unchanged.

PSE

“Philippine shares managed to close with moderate gains despite the hotter-than-expected US Sept. inflation reading,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse remained in the green following the positive cues from the US Markets overnight. Asian markets, including the PSEi, jumped this Friday, ignoring the strong inflation report in the US.”

She added that “the net foreign buying of P513.21 million helped lift the market.”

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