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Manila Bulletin devider Business devider The Stock Market devider Stocks rise on prospects of BSP interest rate cut

Stocks rise on prospects of BSP interest rate cut

Published Jun 28, 2024 08:04 am

The local bourse closed the week on a positive note as investor sentiment got a boost from expectations of a local interest rate cut.

The main index added 21.33 points or 0.33 percent to close at 6,411.91 as Conglomerates led the advance while banks and miners retreated. Volume improved to 1.16 billion shares worth P6.5 billion as gainers outpaced losers 109 to 85, with 52 unchanged.

“The local bourse sustained its rally as investors digested the latest cues from the Bangko Sentral ng Pilipinas (BSP) meeting,” said Philstocks Financial Assistant Research Manager Claire Alviar.

She added, "investors cheered the BSP’s signal of a possible rate cut by their August meeting, as well as its downward revision of the inflation forecast for this year and next year to 3.1 percent, within the government’s target of 2 to 4 percent.”

“Philippine shares managed to stage another rally and close above the 6400 to end the semester as investors rebalanced positions,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that “foreign funds are also awaiting a fresh new batch of economic data, specifically the PCE inflation print, which could give hints to the timing of the Fed's timing of cutting interest rates.”

Related Tags

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