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Manila Bulletin devider Business devider The Stock Market devider PSEi up slightly on US gains

PSEi up slightly on US gains

Published Dec 1, 2023 08:25 am

The PSEi was up today, Dec. 1, following gains made by US bourses amid hopes that interest rates will not be raised. 

The main index added 21.45 points or 0.34 percent to close at 6,245.18 as the Property counter led the advance while Banks and Miners lagged behind.

Volume declined to 1.68 billion shares worth P4.41 billion as gainers outpaced losers 92 to 79 with 41 unchanged. 

“Philippine equities started the last month of the year on an optimistic note along with regional markets,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He added that, “the DJIA surged 520 points to settle at 35,950.89--topping its previous 2023 high hit in August. The S&P 500 rose 0.4 percent, while the Nasdaq Composite slipped about 0.2 percent.”

Philstocks Financial Assistant Research Manager Claire Alviar said, “on the last trading day of the week, the local bourse gained as investors bought bargain stocks following the two straight days of market decline.“

“Moreover, the sentiment was also boosted by the hopes that the Federal Reserve will not raise interest rates further amid the slowdown in the rise of the US’ personal consumption expenditures price index last October,” she noted. 
 

Related Tags

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