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Manila Bulletin devider Business devider The Stock Market devider Stocks up slightly as investors wait for Fed move

Stocks up slightly as investors wait for Fed move

Published Mar 20, 2024 08:04 am

The local stock market inched up as investors continued to wait for the results of the US Federal Reserve meeting.

The main index added 8.34 points or 0.12 percent to close at 6,856.77 as sectoral indices were evenly divided with the Services counter chalking the biggest gain. Volume rose to 786 million shares worth P8.78 billion as gainers outnumbered losers 101 to 92 with 43 unchanged.

“Philippine investors kept to the sidelines once more as many await the Fed decision on interest rates,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that “though it is widely expected that the Fed will maintain its key policy rates, analysts will be taking into consideration any rhetoric from officials regarding the timing of the cutting of interest rates and their view on controlling inflationary pressures.”

“Locally economic data remains quiet, as fund managers continue to digest earnings reports and make necessary portfolio adjustments ahead of the quarter end close,” Limlingan added.

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse gained following positive cues from US markets overnight, attributed to the decline in US treasury yields. Investors were also awaiting the decision of the Federal Reserve on interest rates as well as their policy outlook for the year.”

Related Tags

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