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

Stocks surge ahead of US inflation report

Published Jul 11, 2024 08:14 am

Local share prices jumped back after the previous day’s contraction as investors continued to bet on a rate cut.

The main index surged 119.89 points or 1.85 percent to close at 6,609.24 with Conglomerates leading the rally. Volume rose to 427 million shares worth P6.80 billion as gainers beat losers 117 to 68 with 60 unchanged.

“After falling earlier this year, the PSEi continued its rebound and broke past the 6,600 level, following U.S. equities which edged higher on Wednesday ahead of a key inflation report due later today,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “The local market rose, joining its neighboring peers in the green territory. Thursday’s rise is driven by the positive spillovers from Wall Street’s record-high performances overnight amid hopes of rate cuts by the Federal Reserve.”

“Also, the Philippine Peso’s improved performance against the US Dollar was cheered. Adding to the positive factors was the inflow of foreign funds as foreigners were net buyers, he noted.

Related Tags

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