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Stocks rise ahead of July inflation report

Business | The Stock Market

Stocks rise ahead of July inflation report

By James A. Loyola

The local stock market rose further as investors place their bets a day before the government announces the July inflation rate.

The main index added 57.46 points or 0.89 percent to close at 6,507.49 as the Services and Financials sectors led the advance while Conglomerates lagged behind. Volume improved but was still thin at 512 million shares worth P4.51 billion as gainers outnumbered decliners 90 to 83 with 62 unchanged.

“Philippines shares climbed past the 6500 market ahead of the June CPI release tomorrow and despite the US celebrating its July 4 holiday,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Wall Street closed mixed on Wednesday's shortened trading session as investors shrugged off sluggish economic data.

Statistics released Wednesday morning showed signs of a softening economy ahead of Friday's crucial June jobs report.

“Meanwhile, the local bourse was driven by bargain hunting and positive cues from Wall Street. This led the PSEi to join its neighboring peers especially Japan with the Nikkei reaching an all-time high today,” he added.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan

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