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Manila Bulletin devider Business devider The Stock Market devider Stocks rise despite threat of US Fed rate hike

Stocks rise despite threat of US Fed rate hike

Published Sep 21, 2023 08:47 am

The local stock market bounced despite weaker US bourses as investors started picking up bargains. 

The main index rose by 53.67 points or 0.89 percent to close at 6,094.71 as the Property sector surged back although the Services and Mining and Oil counters continued to retreat. Volume increased to 622 million shares worth P5.98 billion as losers beat gainers 89 to 84 with 51 unchanged. 

“Philippine shares closed higher after the Fed said it would leave interest rates unchanged but expects another rate hike before the end of the year,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He added that, “back home, investors changed counters as the PSEi will be revamped. Investors are also watching out for the latest BSP announcement on its latest policy stance.”

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said, “the local market rose as investors saw bargain-hunting opportunities as the local bourse has already declined for four straight days.”

He noted that, “the anticipated pause from the Federal Reserve was also cheered by many  as it raised bets that the Bangko Sentral ng Pilipinas will keep policy rates unchanged as well in their meeting this Thursday afternoon.”

 

Related Tags

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