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Manila Bulletin devider Business devider The Stock Market devider Stocks rally ahead of inflation report

Stocks rally ahead of inflation report

Published Sep 4, 2023 08:49 am

The local stock market ended higher ahead of the Philippine inflation report for the month of August while the US jobs data released last Friday also boosted regional bourses. 

The main index added 33.62 points or 0.54 percent to close at 6,214.68 as the Property sector led the advance while Banks declined. Volume was a hefty 2.3 billion shares worth P11.32 billion as gainers beat losers 94 to 82 with 42 unchanged. 

“Philippine shares were bought up ahead of the local CPI (consumer price index) tomorrow,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

Philstocks Financial Assistant Research Manager Claire Alviar said, “the PSEi continued its upward momentum. This increase was attributed to positive cues from Wall Street last Friday, where higher unemployment rates provided investors with optimism that the Federal Reserve might consider pausing its monetary tightening measures in response to the data.”

“In addition, the local bourse mirrored the positive performance of our neighboring peers, further contributing to the overall bullish sentiment,” she added. 

China Bank Capital Managing Director Juan Paolo Colet said, “the index rose in line with most Asian markets  as traders took their cue from US jobs data and news that one of China’s largest property developers won a debt payment reprieve from bondholders.”

“However, value turnover, net of trades of MPI stock, was just below P2 billion, which indicates that sentiment remains generally cautious ahead of the release of the Philippine August inflation print,” he noted.
 

Related Tags

Juan Paolo Colet Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar China Bank Capital
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