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Manila Bulletin devider Business devider The Stock Market devider Stocks rise ahead of inflation data

Stocks rise ahead of inflation data

Published Dec 4, 2023 08:42 am

Philippine shares rose ahead of the release of economic data here and overseas including the November inflation number. 

The main index added 39.19 points or 0.63 percent to close at 6,284.37 with the advance led by the surge in Mining and Oil stocks. Volume remained weak though at 446 million shares worth P3.77 billion as losers outnumbered gainers 91 to 83 with 46 unchanged. 

Regina Capital Development Corporation Managing Director Luis Limlingan said the PSEi “made another challenge towards the 6,300 level, as investors get ready for another round of economic data to cap off the year. The key economic data release this week is the US payrolls report on Friday.”

“Here at home, the main highlight for this week is the latest PH inflation reading which is scheduled for release on Dec. 5. The unemployment rate (Dec. 7), GIR level (Dec. 7), and FDI (Dec. 8) are also due out this week,” he added. 

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse gained thanks to the strong S&P Global Philippines Manufacturing PMI which improved to 52.7 in November.”

“Moreover, hopes that the Philippine inflation last month would slow down, helped lift the sentiment. However, many were still seen on the sidelines as they wait for the release of the inflation rate,” she noted.
 

Related Tags

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