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Manila Bulletin devider Business devider The Stock Market devider Stocks rise on lower-than-expected US inflation

Stocks rise on lower-than-expected US inflation

Published May 16, 2024 09:49 am

Lower than anticipated inflation in the US for April boosted local stocks as investors again raise their hopes for an interest rate cut.

The main index jumped 69.57 points or 1.06 percent to close at 6,628.20 as the interest rate sensitive Property sector surged while Banks declined. Volume rose to 886 million shares worth P7.05 billion as gainers beat losers 120 to 78 with 46 unchanged.

“The local stock market rebounded today on expectations of unchanged benchmark interest rates, driven by lower-than-expected US April CPI data,” 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 overnight performance amid the US’ slower-than-expected April inflation.“

"Investors also waited for the BSP’s policy meeting with hopes that cues of monetary policy easing will be given. Lastly, the growth of the OF’s remittances gave sentiment a boost,” he added.

Chinabank Capital Corporation Managing Director Juan Paolo Colet said, “The index rose with most Asian markets as data showing that US consumer inflation eased slightly in April reignited bets that the Federal Reserve will start cutting interest rates this year. Market participants also priced in expectations that the BSP will keep its policy rates unchanged.”

 

Related Tags

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