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Manila Bulletin devider Business devider The Stock Market devider Stocks jump ahead of US inflation report

Stocks jump ahead of US inflation report

Published Jun 27, 2024 07:49 am

The local stock market continued to recover as investors turned hopeful that US inflation will be low enough to trigger a rate cut.

The main index jumped 77.47 points or 1.23 percent to close at 6,390.58 as Banks led the rally. Volume remained low though at 508 million shares worth P4.52 billion as losers continued to beat gainers 99 to 91 with 43 unchanged.

“Philippine shares edged higher as investors made bets ahead of the latest inflation data, which is set to be released on Friday with May's PCE price index,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “investors hope the report will show easing pricing pressures, which could increase the likelihood that the Fed will lower interest rates later this year.”

Meanwhile, he said the PSEi sustained its gains for the fourth consecutive day, driven by bargain hunters. It was also just announced at market close that the BSP would maintain its key policy rate at 6.5 percent in the meantime, which was inline with the consensus.”

 

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan
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