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Manila Bulletin devider Business devider The Stock Market devider Stocks rally on Fed rate cut hopes

Stocks rally on Fed rate cut hopes

Published Sep 17, 2024 08:15 am

Philippine equities continued to rally as investors bet on a rate cut announcement by the US Federal Reserve.

The main index raced up 71.16 points or one percent to close at 7,175.36 as Conglomerates led the charge with only the Services counter lagging behind. Volume was strong at 713 million shares worth P6.69 billion although losers outnumbered gainers 117 to 94 with 41 unchanged.

“The local bourse extended its rally as optimism grew around an expected rate cut from the Federal Reserve following tomorrow's policy meeting,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Market sentiment currently prices in a 67 percent likelihood of a 50-basis-point cut, according to CME Group’s FedWatch tool.

Philstocks Financial Research Manager Japhet Tantiangco said, "the local market extended its gains this Tuesday as Investors showed appreciation to the July OFW cash remittance data and the Board of Investments’ approved investment pledges as of September 16, both of which have shown good figures."

"Hopes of a dovish monetary policy outlook for both the Federal Reserve and the Bangko Sentral ng Pilipinas also helped in keeping the market’s upward movement," he added. 

 

Related Tags

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