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Stocks rise with lower inflation rate

Business | The Stock Market

Stocks rise with lower inflation rate

By James A. Loyola

The local stock market firmed up after the August inflation rate dropped lower than expected.

The main index added 25.85 percent or 0.38 percent to close at 6,907.97 but sectoral indices were still evenly divided. Volume was lower at 517 million shares worth P5.07 billion as gainers edged out losers 96 to 94 with 46 unchanged.

“Philippine shares overcame the negative price action overseas to finish higher,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Investor sentiment got a boost as the latest August CPI data came in better than expected at 3.3 percent.”

Philstocks Financial Research Manager Japhet Tantiangco said “The local market moved sideways today as investors weighed the decline of the Philippines’ inflation last August against the lingering concerns over the health of the US economy before ending with a gain."

Related Tags

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

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