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Manila Bulletin devider Business devider The Stock Market devider PSEi still shy of 7,000 level

PSEi still shy of 7,000 level

Published Aug 27, 2024 08:26 am

The local stock market ended with a marginal gain after failing to breach the 7,000 resistance level.

The main index added 11.45 points or 0.16 percent to close at 6,973.41 although only the Property and Mining counters managed to advance. A total of 831 million shares worth P6.8 billion changed hands as gainers outnumbered losers 110 to 94 with 51 unchanged.

“Philippine shares slowly inched towards the 7,000 level as investors start to rebalance ahead of both the MSCI and the end of month closing,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

The key economic data releases this week is the US core PCE inflation on Friday while there are several speaking engagements from Fed officials. On the local front, investors await the release of the July budget balance on Wednesday, and July Producer Price Index on Friday.

Philstocks Financial Research Manager Japhet Tantiangco said “The local market continued with its rally this Tuesday as sentiment got a boost from the Federal Reserve’s rate cut cues from the Jackson Hole Economic Symposium."

“Investors cheered the Fed’s dovish signals as monetary policy easing by the Fed would give more room for the BSP to ease their policy too,” he added

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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