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Manila Bulletin devider Business devider The Stock Market devider PSEi up as US stocks surge

PSEi up as US stocks surge

Published Jan 23, 2024 09:10 am

The PSEi returned above the 6,600 level as investor sentiment was boosted by the rise in US stocks.

The main index added 38.41 points or 0.58 percent to close at 6,621.88 as the Property counter led the advance across the board. Volume inched up to 775 million shares worth P4.76 billion as gainers beat losers 100 to 88 with 49 unchanged.

“Philippine shares rose once more, after the US continued to rally after the S&P 500 broke above its Friday intraday and closing record highs set in January 2022,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He explained that, “the move signaled that Wall Street is indeed in a bull run that began in October 2022 after stocks plunged earlier that year.”
Philstocks Financial Research and Engagement Officer Mikhail Plopenio said.

“This Tuesday, the local market rose as investors took positive cues from Wall Street overnight. This is amid the record runs of both the S&P500 and the DJIA,” he said.

“The optimism kept the local bourse in the green territory for the whole session… However, net market value turnover stood lower than the month-to-date average, implying that today’s rise had tepid conviction,” he added.

Related Tags

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