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Manila Bulletin devider Business devider The Stock Market devider PH stocks rise further on steady interest rates

PH stocks rise further on steady interest rates

Published Sep 22, 2023 08:56 am

The local stock market rose further after both US and Philippine policy interest rates were left unchanged by the central banks of the two countries. 

The main index added 48.08 points or 0.79 percent to close at 6,142.79 with Conglomerates leading all sectors forward. Volume declined to 1.09 billion shares worth P4.36 billion as gainers outpaced losers 94 to 74 with 52 unchanged. 

“Philippine shares bounced back again as investors' expectations aligned with that of the Fed to maintain the status quo for now, while others are left speculating how long interest rates will be kept elevated,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He noted that, “locally, bargain hunting continued and as the BSP also kept benchmark rates steady.“

Philstocks Financial Assistant Research Manager Claire Alviar also said that “the local bourse extended its gains, as bargain hunting continues while the sentiment gets boosted by the decision of the Bangko Sentral ng Pilipinas (BSP) to keep the interest rates unchanged.”
 

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