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Manila Bulletin devider Business devider The Stock Market devider PH stock investors ring in new year with optimism

PH stock investors ring in new year with optimism

Published Jan 2, 2024 08:30 am

The PSEi opened the new trading year with a bang as optimistic investors trickled back into the market.

The main index surged 104 points or 1.61 percent to close the first trading session at 6,554.04 as Conglomerates and Services rallied to offset the decline of the Property and Mining counters. Volume was still thin at 379 million shares worth P3.66 billion as gainers outnumbered losers 100 to 77 with 47 unchanged.

Philippine shares saw a strong start to 2024 as funds bought up the index to 6,544. "Versus its previous day, the index is up by 1.61 percent,” said Regina Capital Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse kicked off the year on a positive note, fueled by the expectation that the Philippines’ inflation rate would slow down.”

“The possibility that inflation rate would settle within the 2-4 percent target of the government in December lifted market sentiment. Investors were also waiting for some economic data set to be released this week, including the S&P Global Philippines Manufacturing PMI, and labor force survey,” she noted.
 

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