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Manila Bulletin devider Business devider Stocks up on lower February inflation

Stocks up on lower February inflation

Published Mar 8, 2023 06:13 pm

The local stock market rose after investor sentiment was boosted by  the February inflation report. 

The main index gained 34.00 points or 0.51 percent to close at 6,705.12 as the Industrial sector led the advance but Conglomerates retreated. Volume improved to 1.82 billion shares worth P5.5 billion as gainers outnumbered losers 102 to 84 with 48 unchanged. 

“Philippines shares traded in the green as the markets welcome the better than expected February CPI print, which may give hints that prices in general are peaking,” said Regina Capital Development Corporation Managing Director Luis Limlingan.He noted that, “In addition, momentum was carried over as investors await Fed Chair Jerome Powell's latest comments on the state of the economy. Mr. Powell will be on deck Tuesday and Wednesday for his congressional testimony.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse gained after February’s inflation rate eased to 8.6 percent from January’s 8.7 percent. The easing of inflation lessen the probability of a 50 bps rate hike by the Bangko Sentral ng Pilipinas (BSP), however, this figure remains high.”

She added that, “Moreover, corporate earnings for the full year of 2022 are being watched by investors.”

Related Tags

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