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Manila Bulletin devider Business devider The Stock Market devider Stocks end the week higher

Stocks end the week higher

Published Jul 26, 2024 08:22 am

The PSEi ended the week on positive footing after Typhoon Carina finally left the country.

The main index rose by 55.74 points or 0.84 percent to close at 6,726.01 led by the Property sector with only Miners in the red. However, volume remained tepid at 924 million shares worth P4.37 billion as gainers beat losers 102 to 80 with 57 unchanged.

“Philippine shares rebounded as Typhoon Carina left the Philippine area of responsibility while US stocks closed mixed ahead of a reading of the Federal Reserve’s preferred inflation gauge,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Tonight, US traders will watch for June’s personal consumption expenditures report, an inflation reading that’s preferred by central bank policymakers. On a monthly basis, headline PCE is expected to have grown by 0.1 percent and by 2.5 percent from 12 months earlier, according to economists polled by Dow Jones.

Philstocks Financial Assistant Research Manager Claire Alviar said that, “Following the strong sell-off yesterday, the local bourse rebounded, along with most Asian markets.”

She noted that “Foreign investors helped lift the bourse, registering a net inflow of P63.91 million. “

Related Tags

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