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Manila Bulletin devider Business devider The Stock Market devider PSEi up, bucks regional trend

PSEi up, bucks regional trend

Published Feb 14, 2024 08:47 am

The local stock market ended slightly higher despite a weak start as investors wait for results of the Bangko Sentral ng Pilipinas (BSP) policy meeting. 

The main index added 26.61 points or 0.39 percent to close at 6,854.53 with the Industrial sector posting the highest gain while the Services and Mining counters retreated. Volume remained low at 510 million shares worth P4.71 billion as gainers led losers by a hair at 90 to 89 with 47 unchanged.

“Local shares edged higher as investors digested the implications of the hotter-than-expected U.S. inflation print and braced for the upcoming BSP policy-setting meeting tomorrow,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

US inflation came out hotter than expected, raising doubts that the US Federal Reserve will be cutting rates several times this year.

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse bucked the trend in Asia, rising as investors awaited the decision and outlook of the Bangko Sentral ng Pilipinas (BSP).”

“Earlier, the market briefly dipped into the red territory as the US inflation rate came in hotter-than-expected, which heightened the possibility that the Federal Reserve might not cut interest rates as early as investors’ had hoped," she added.

“On the other hand, unlike the unexpected inflation rate spike in the US, the Philippines’ inflation rate was easing and still within expectation, leading investors to look forward to the meeting of the BSP,” she also noted.

 

Related Tags

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