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Manila Bulletin devider Business devider The Stock Market devider PH shares buoyed by higher US equities

PH shares buoyed by higher US equities

Published Jan 11, 2024 08:44 am

Local share prices bounced after investor sentiment was boosted by stronger US equities on hopes of lower US inflation rate for December.

The main index jumped 67.62 points or 1.03 percent to close at 6,613.73 with Banks leading the charge although the Services counter lagged behind. Volume settled at 346 million shares worth P5.27 billion as gainers beat losers 100 to 67 with 51 unchanged.

“Philippine shares settled higher as investors made bets ahead of the US December inflation reading,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Sentiment was also boosted by the rallies last night: the DJIA grew by 0.45 percent to 37,695.73, the S&P 500 went up by 0.57 percent to 4,783.45, and the Nasdaq advanced by 0.75 percent to 14,969.65.”

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “This Thursday, the local market rose due to positive cues from Wall Street overnight as investors positioned ahead of the December US inflation report.”

“Also, The World Bank’s projection that the Philippines will be one of the fastest-growing economies in Southeast Asia this 2024 was cheered by many,” he noted. 

Related Tags

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