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Manila Bulletin devider Business devider The Stock Market devider Stocks surge after inflation report

Stocks surge after inflation report

Published Nov 5, 2024 08:09 am

The local stock market surged on news that the inflation rate in October did not rise higher than expected.

The main index jumped 121.84 points or 1.71 percent to close at 7,257.94 with the Property sector leading the rally. Volume was still weak though at 1.03 billion shares worth P4.97 billion as gainers outnumbered losers 115 to 89 with 52 unchanged.

“Philippine shares made a huge comeback as the October CPI came in within expectations as at 2.3 percent, which was within the lower bounds limit of the Bangko Sentral ng Pilipinas,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Overall, investors balanced concerns over the U.S. election with anticipation for October inflation and third quarter GDP data.” 

Philstocks Financial Research Manager Japhet Tantiangco said “The local market bounced back this Tuesday as inflation remained near the lower end of the government’s 2 percent to 4 percent target.”

He added that,  “Trading remained tepid, however, and foreigners were still net sellers with net outflows amounting to P58.20 million.”

 

Related Tags

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