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Manila Bulletin devider Business devider The Stock Market devider PSEi still up slightly

PSEi still up slightly

Published Oct 2, 2024 07:53 am

The local stock market improved as investor sentiment continues to be buoyed by expectations of lower inflation and more rate cuts.

The main index added 22.49 points or 0.30 percent to close at 7,402.81 with the Mining sector leading the advance although the Industrial and Property counters were in the red. Volume declined further to 1.16 billion shares worth P4.33 billion as losers outnumbered gainers 114 to 91 with 56 unchanged.

“Philippine shares still managed to eke out a gain despite rising Middle East tensions weighing on investor sentiment, while the International Longshoremen’s Association strike on the East and Gulf coasts could cost the economy hundreds of millions of dollars,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He added that, “Meanwhile, the PSEi continued to after a huge slide to end the third quarter, supported by a potential Fed rate cuts and optimism over further slowing inflation in September.”

Philstocks Financial Research Manager Japhet Tantiangco said that, "After a brief pull back on Wednesday, the local market bounced back this Thursday."

"Optimism was fueled by cues of possible rate cuts from the Bangko Sentral ng Pilipinas. According to BSP Governor Eli Remolona, the BSP may still cut policy rates in the fourth quarter of this year, 25 basis points each in their last two meetings," he noted.

 

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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