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Manila Bulletin devider Business devider The Stock Market devider Stocks slightly rise ahead of US inflation rate

Stocks slightly rise ahead of US inflation rate

Published Oct 12, 2023 04:05 pm

The local stock market rose slightly as investors anticipate data on the United States’ inflation rate. 

The main index saw a marginal increase by 9.10 points or 0.15 percent closing at 6,263.06 with only the Property and Holding Firms sector indices seeing gains. 

Total volume of shares traded reached 888 million worth P3.2 billion as gainers barely exceeded losers 89 to 86 with 49 unchanged.

According to Luis Limlingan, Managing Director of Regina Capital Development Corporation, “Philippine shares inched slightly higher as traders await the key U.S. inflation data that will be out Oct. 12.”

He said that Dow Jones’ survey of economists forecasted a “minimum increase and 3.6 percent rise from the prior year” for the US inflation rate. 

“Investors believe that the strength of US inflation indicated in the report will play a key part in whether the Federal Reserve decides to maintain or raise interest rates at its two-day meeting beginning Oct. 31,” Limlingan added. 

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said the "local market rose as investors took positive cues from Wall Street overnight amid the decline of the US’ long-term treasury yields."

"Heavy selling at the last minute trimmed gains before the session’s close as investors took caution ahead of the release of the US’ September inflation figures," he added.

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