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Manila Bulletin devider Business devider The Stock Market devider PSEI bounces on US gains, May inflation rate

PSEI bounces on US gains, May inflation rate

Published Jun 5, 2024 08:47 am

The local stock exchange recovered some of the previous day’s losses following gains in US equities and the release of the May inflation data. 

The main index added 54.90 points or 0.86 percent to close at 6,441.32 with Conglomerates leading the advance while the Industrial and Mining sectors lagged behind. Volume dropped to 377 million shares worth P4.74 billion as gainers outnumbered losers 103 to 82 with 46 unchanged.

 “Philippines shares rebounded from prior losses, mirroring the move of the US equities in its last session and shrugging off the uptick in headline inflation this morning,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He added that, “Inflation reading for May was released today, standing at 3.9 percent, which is a bit higher compared to the previous month's 3.8 percent. This increase was fueled by the higher cost of housing, utilities, gas, and transportation.”

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said though that,  “investors cheered May’s inflation data, which came in near the lower end of the Bangko Sentral ng Pilipinas’ forecast for the month. 

The latest print also remained within the government’s 2 percent to 4 percent target range.“ He also noted that, “The statement from the BSP regarding the possibility of cutting policy rates ahead of the Federal Reserve raised rate cut hopes added to the positive sentiment.”

Related Tags

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