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Manila Bulletin devider Business devider The Stock Market devider Stocks up on stable economic forecasts

Stocks up on stable economic forecasts

Published Jul 17, 2024 08:01 am

The PSEi gained on higher US stocks and stable economic forecasts for the Philippines.

The main index added 20.62 points or 0.31 percent to close at 6,687.71 with Miners rallying although sectoral indices were evenly mixed. Volume dipped to 694 million shares worth P4.22 billion as gainers edged out losers 97 to 95 with 42 unchanged.

“Philippine shares closed in the positive territory as investors continued rotating across the board into names that would be prime beneficiaries of a rate cut,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse rose due to positive cues from Wall Street overnight, amid optimism towards second quarter corporate results and hopes of a rate cut soon by the Federal Reserve.”

“Moreover, sentiment was further lifted as some institutions maintained their economic growth projections for the Philippines at around 6 percent, despite a slight downward revision by the ASEAN+3 Macroeconomic Research Office,” she noted.

Related Tags

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