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Manila Bulletin devider Business devider Stocks rise as inflation eases

Stocks rise as inflation eases

Published Feb 4, 2022 04:25 pm

The local stock market bounced back after government announced that the inflation rate dipped in January.

The main index rose 73.58 points or 1.0 percent to close at 7,456.35 as the Mining and Oil index led the advanced although the Financials and Services counters lagged behind. Volume improved to 1.75 billion shares worth P8.64 billion as gainers beat losers 110 to 80 with 54 unchanged.

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“Philippine shares were bought as inflation continued to cool down in the latest reading, while investors sought refuge from the sell-off last night in the US,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “U.S. equities took a breather following a miss in Meta's reported earnings and issued a weaker-than-expected first quarter of 2022 earnings guidance. Another factor that fueled tech sell-off was the rise in 10yr U.S. Treasury yields ahead of the release of non-farm payroll.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse rose as the decline in our inflation fueled positive sentiment. For January 2022, our inflation rate at the 2018 base year stood at 3.0 percent , declining from December 2021’s 3.2 percent.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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