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Manila Bulletin devider Business devider The Stock Market devider PSEi closes slightly higher on bargain hunting, rate cut hopes

PSEi closes slightly higher on bargain hunting, rate cut hopes

Published Dec 26, 2024 08:09 am

The Philippine Stock Exchange Index (PSEi) managed to eke out a gain despite some index heavyweights weakening and offsetting the broader market's gains.

The main index added 4.11 points, or 0.06 percent, to close at 6,539.02, with the Property sector leading the advance while the Conglomerates and Services sectors weighed down the market.

“The local bourse edged higher as investors positioned themselves ahead of the final trading session of the year,” said Luis Limlingan, Managing Director of Regina Capital Development Corporation.

He noted that, “On the economic front, the latest Bureau of Treasury data revealed that the Philippines recorded a budget deficit of P213 billion in November, bringing the year-to-date deficit to P1.18 trillion (up 6.31 percent year-on-year).”

Japhet Tantiangco, Philstocks Financial Research Manager, said, “The local market managed to close slightly above the flatline on the back of last-minute bargain hunting. Hopes of an early-2025 rate cut by the BSP helped lift the market.”

“Adding to this are the strengthening of the local currency and the positive cues from Wall Street. Foreigners were net buyers with net inflows at P73.10 million,” he added.

Related Tags

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