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Manila Bulletin devider Business devider The Stock Market devider Stocks higher after slow start

Stocks higher after slow start

Published Dec 19, 2023 11:14 am

After a sluggish start, local shares rose following some positive economic news. 

The main index added 45.77 points or 0.71 percent to close at 6,521.27 as Banks led the charge although Conglomerates and Miners retreated. Volume was thinner though at 748 million shares worth P4.37 billion as losers beat gainers 96 to 88 with 47 unchanged.

“Philippine shares rose  on optimism that the Fed will deliver three rate cuts next year,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “this Tuesday, the local market rose, joining many of its regional peers.”

“Investors digested positive economic narratives today including the International Monetary Fund’s sound assessment of the Philippines fiscal consolidation, and the Philippine Economic Zone Authority’s positive outlook on its investment approvals for full year 2023,” he added.

Plopenio noted that, “the local market struggled in the early part of today’s session but eventually climbed and sustained position in the green territory.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Mikhail Philippe Plopenio Philstocks Financial
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