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Manila Bulletin devider Business devider The Stock Market devider PH stocks bounce on low US October inflation rate

PH stocks bounce on low US October inflation rate

Published Nov 15, 2023 08:05 am

Following three consecutive days of decline, the local stock market bounced back as investors welcomed the low US October inflation rate announced on Nov. 14.

The main index recovered by 60.25 points or 0.99 percent closing at 6,171.13 with sectoral indices in green minus the Industrial sector with a 0.07 percent loss.

Volume of shares traded amounted to 448 million worth P4.52 billion as losers and gains tie at 84, with 47 unchanged.

Philstocks Financial Assistant Research Manager Claire Alviar and China Bank Capital Corp. Managing Director Juan Paolo Colet both agreed that the local bourse rose due to positive sentiments brought by the lower than expected US October inflation rate.

Alviar noted that the slowed down rate stateside may “provide hope among investors that the Federal Reserve might halt its interest rate hikes.”

Meanwhile, Colet remarked that “investors have also started to anticipate that the Bangko Sentral ng Pilipinas (BSP) will keep rates steady in its policy meeting on Thursday.”

“Among index members, GT Capital Holdings, Inc. [PSE: GTCAP] surged the most by 2.92 percentage percent thanks to its strong first nine months earnings result. On the other hand, Semirara Mining and Power Corporation [PSE: SCC] lost the most by 1.39 percent,” added Alviar.

Moreover, Regina Capital Development Corporation Managing Director Luis Limlingan noted that the “S&P 500 recorded its strongest gains since April,” and “stocks rallied as the US Consumer Price Index (CPI) was flat in October.”

 

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