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Manila Bulletin devider Business devider The Stock Market devider US gains, BSP steady policy boost PSEi

US gains, BSP steady policy boost PSEi

Published Feb 15, 2024 08:20 am

The local stock market moved up on the back of higher US equities while investors were optimistic about the result of the central bank’s Monetary Board policy meeting.

The PSEi added 27.62 points or 0.40 percent to close at 6,882.15 as Industrials led the advance while the Property sector was the only loser. Volume improved to 584 million shares worth P5.31 billion as gainers outnumbered losers 91 to 83 with 65 unchanged.

“Local shares edged higher as investors wait for the MB's policy meeting decision today. As widely expected by the consensus, the MB left the key benchmark interest rate untouched at 6.5 percent,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said, “this Thursday, the local market rose as investors took positive cues from Wall Street’s rebound overnight amid bargain hunting after a huge selloff driven by the US’ January inflation.”

He also noted that “the anticipated pause in the Bangko Sentral ng Pilipinas’ policy rates also added to the positive sentiment.”
 

Related Tags

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