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Manila Bulletin devider Business devider The Stock Market devider Stocks up despite higher US inflation

Stocks up despite higher US inflation

Published Jan 12, 2024 08:44 am

The local stock market ended the week higher despite the higher US inflation rate for December.

The main index added 29.45 points or 0.45 percent to close at 6,643.18 as the Services sector led the advance while Banks and Miners retreated. Volume was stable at 362 million shares worth P5.64 billion as gainers edged out losers 102 to 92 with 48 unchanged.

“Philippine shares closed higher as the US December inflation came out hotter than expected,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse was lifted by foreign investors, registering an inflow of P360.76 million.”

“Investors were still assessing this year’s economic outlook, which has been positive so far, especially with anticipated rate cuts ahead, contributing to an optimistic sentiment,” she added.

 

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