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Manila Bulletin devider Business devider Stocks up on lower US inflation rate

Stocks up on lower US inflation rate

Published Dec 14, 2022 04:25 pm

The local stock market moved up after news that US inflation slowed down in November, boosting hopes of less aggressive interest rate hikes.

The main index added 32.69 points or 0.50 percent to close at 6,615.07 as Conglomerates led the advance but the Property counter stayed in the red. Volume surged to 5.5 billion shares worth P115.96 billion due to block sales as gainers beat losers 102 to 73 with 37 unchanged.

PSE

“Philippine shares rose once again, propped by a cooler-than-expected CPI report. The Nov CPI was 7.1 percent on the year, less than the 7.3 percent gain expected by economists surveyed by Dow Jones,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse gained following the easing of US inflation, cheered by most investors, especially in Asia.”

She added that, “The inflation rate in the US was less than expected, raising hopes that the Fed will hike rates at a slower pace.”

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