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Manila Bulletin devider Business devider Stocks rally on cooler US inflation rate

Stocks rally on cooler US inflation rate

Published Nov 11, 2022 04:33 pm

The local stock market rose before the week ended, boosted by hopes that inflation in the US is already coming down from its peak.

The main index jumped 119.20 points or 1.93 percent to close at 6,286.77as Conglomerates and the Property sector led the rally. Volume improved to P4.92 billion as gainers beat losers 125 to 58 with 40 unchanged.

PSE

“Philippine stocks rallied, fueled by a better-than-feared US inflation print, giving investors the idea that the overall prices of goods may be cooling,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, the country's faster GDP growth also added to the momentum.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse surged, mirroring the performance of the US Markets overnight as the inflation rate in the US eased in October which raised investor hopes that inflation has peaked already.”

She explained that, “If the US inflation continues to ease, Federal Reserve's rate hikes may slow down which could positively impact our peso.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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