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Manila Bulletin devider Business devider The Stock Market devider Stocks almost flat amid lack of leads

Stocks almost flat amid lack of leads

Published Jun 7, 2024 08:06 am

The local stock market was up by only a few points as investors wait for more catalysts.

The main index added 8.90 points or 0.14 percent to close at 6,518.76 led by Banks while Conglomerates were in the red. Volume was higher at 579 million shares worth P5.05 billion aa losers edged out gainers 90 to 88 with 63 unchanged.

“Philippine equities ended the day relatively unchanged, echoing the muted movement of the US market,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that “US investors are in a holding pattern ahead of the May jobs report, anticipating that signs of a slowing labor market could prompt the Fed to consider interest rate cuts. Meanwhile, the next significant data release for the Philippines is the FDI report, set to drop on Thursday, June 13.”

Philstocks Financial Assistant Research Manager Claire Alviar said that “on the last trading day of the week, the local bourse gained, driven by heightened expectations of a possible rate cut by the Bangko Sentral ng Pilipinas (BSP) in the early part of the second half of the year, following the latest inflation data, which fell within the government’s target range.”

 

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