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Manila Bulletin devider Business devider The Stock Market devider PSEi sustains gains amid rate cut bets

PSEi sustains gains amid rate cut bets

Published Jan 15, 2024 08:54 am

The local stock market continued to rise as investors position for the new year amid rate cut expectations. 

The main index hiked 37.27 points or 0.56 percent to close at 6,680.45 with the Mining and Oil sector leading the advance. Volume amounted to 460 million shares worth P5.82 billion as gainers beat losers 107 to 78 with 52 unchanged. 

“Philippine shares continued to be bought up in January as funds continued to make bets on the issues that would outperform for 2024,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

China Bank Capital Corporation Managing Director Juan Paolo Colet said “the index sustained last week's positive momentum as it closed higher on the back of softer than expected US December producer price data and increasing market bets that the Federal Reserve will start cutting its policy rate in March.”

“The local bourse extended its gains due to the expectation that the country will use nonmonetary measures moving forward to stabilize prices this year, a strategy we believe is crucial to addressing inflation,” said Philstocks Financial Assistant Research Manager Claire Alviar. 

She added that, “if this materializes, investors can anticipate further rate cuts ahead, boosting the market sentiment.”
 

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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