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Manila Bulletin devider Business devider The Stock Market devider PSEi rises despite higher inflation

PSEi rises despite higher inflation

Published Sep 5, 2023 08:14 am

The local stock market managed to inch up as the higher August inflation rate of 5.3 percent versus 4.7 percent in July was already expected. 

The main index added 10.32 points or 0.17 percent to close at 6,225.00 as Conglomerates led the advance while Banks and Property firms retreated. Volume was low at 437 million shares worth P3.41 billion as losers edged out gainers 87 to 85 with 56 unchanged. 

“Philippine shares closed slightly higher as traders continued to weigh new signs of a slowing world economy, while locally many were assessing the impact of the latest CPI reading this morning,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “the August inflation print came out at 5.3 percent, which was above the median forecast, as the cost of commodities and food staples weighed on consumers once again.”

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse gained as investors bought bargains near the market’s support level of 6,150.” 

“In the early part of the trading session, the market was in the red as the Philippine August inflation rate rose to 5.3 percent, higher than July’s 4.7 percent. Bargain hunters saved the market from the red territory,” she added.   
 

Related Tags

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