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Manila Bulletin devider Business devider The Stock Market devider Local stocks rise on lower US inflation rate

Local stocks rise on lower US inflation rate

Published Jul 12, 2024 07:57 am

The local stock market closed the week higher as investor sentiment remains upbeat amid expectations of a rate cut following the decline in the US inflation rate.

The Philippine Stock Exchange index added 38.99 points, or 0.59 percent, to end at 6,648.23. The Services sector led the advance, while the Industrials and Mining counters retreated. Volume was weaker, though, dropping to 319 million shares worth P4.38 billion. Gainers outnumbered losers 93 to 83, with 50 unchanged.

“Philippine shares continued climbing as investors got more reassurance that the Fed would likely cut interest rates as inflation cooled down to 3.0 percent from 3.3 percent in May,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Today's moves also reflect investor optimism and highlight the influence of international market movements on local trading sentiments.

Philstocks Financial Assistant Research Manager Claire Alviar said  “The local bourse gained this session as the latest US inflation rate increased the chance of the Federal Reserve reducing interest rates, which also heightened the possibility of a rate cut from the Bangko Sentral ng Pilipinas.”

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