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Manila Bulletin devider Business devider The Stock Market devider Philippine shares bounce after correction

Philippine shares bounce after correction

Published Feb 20, 2024 09:09 am

The local stock market rebounded after two days of profit taking on renewed rate cut hopes.

The main index rose by 56.05 points or 0.82 percent to close at 6,854.66 as the Services sector led the advance although the Industrial and Mining counters continued to retreat. Volume improved to 520 million shares worth P4.94 billion as gainers outnumbered losers 106 to 78 with 46 unchanged.

“Philippine shares bounced back following a technical sell off yesterday. Economic data from the previous week raised concerns that the Federal Reserve might delay interest rate cuts, prompting uncertainty among market participants,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said, “the local market bounced back as investors regained confidence after a two-day decline. The positive sentiment was fueled by rate-cut hopes from the Bangko Sentral ng Pilipinas after Pantheon Economics stated that the central bank may start to cut rates by May.“

“Additionally, investors cheered the recent moves by the People’s Bank of China wherein it held its short-term interest rates unchanged and cut its 5 YR loan prime rate by 25 bps. Foreign funds also gave the market a boost,” he noted.

Related Tags

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