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Manila Bulletin devider Business devider The Stock Market devider Stocks up despite typhoon

Stocks up despite typhoon

Published Sep 2, 2024 08:03 am

The local stock market managed to advance as investors remain upbeat amid prospects of lower interest rates.

The main index added 25.87 points or 0.38 percent to close at 6,923.41 with sectoral indices mixed. Volume was lower at 555 million shares worth P4.89 billion as gainers outnumbered losers 105 to 84 with 56 unchanged.

“Philippine shares got off to a lukewarm start for September despite several private and public institutions suspending work due to the heavy downpour,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Sentiment got a boost from the US as well which saw their equity markets close in the green over the weekend."

Philstocks Financial Research Manager Japhet Tantiangco said "The local market rose this Monday as expectations that inflation had declined last August compared to July’s 4.4 percent drove market sentiment. 

"This comes following the BSP’s range forecast for August’s inflation which is from 3.2 percent to 4.0 percent."

Limlingan said this week also features important economic data from the U.S. and the Philippines. In the U.S., watch for the ISM Manufacturing PMI on Tuesday, JOLTs Job Openings on Wednesday, ISM Services PMI on Thursday, and Non-Farm Payrolls on Friday.

In the Philippines, key releases include Monday’s PMI, Thursday’s inflation rate, and Friday’s unemployment rate.

“These data points will be critical in shaping market sentiment and guiding policy expectations,” said Limlingan.

Related Tags

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