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Manila Bulletin devider Business devider The Stock Market devider Stocks rise on possible September rate cut

Stocks rise on possible September rate cut

Published Aug 1, 2024 08:08 am

Local share prices jump on hopes that the Fed will cut rates in September.

The main index rose by 74.74 points or 1.13 percent to close at 6,693.83 with Banks leading the charge. However, volume was low at 450 million shares worth P4.39 billion as gainers beat losers 104 to 75 with 50 unchanged.

“Philippines shares started the month with bargain hunting following the sentiment of Fed meeting. Gains were influenced by Fed Chair Jerome Powell signaling the possibility of an interest rate cut at the next meeting if data continues to show easing inflation,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “The local market rose as investors took positive cues from Wall Street overnight as the Federal Reserve signaled that a rate cut in September could be possible.”

“A rate cut by the Federal Reserve is seen to somehow give more room for the BSP to ease its own policy. Also, BMI’s positive outlook on the Philippines’ consumer spending this year and in 2025, boosted the sentiment,” he added.

Related Tags

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