1 month ago
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The local stock market managed to rise despite higher US inflation as investors were expecting the BSP to cut its policy rate.
The main index jumped 69.06 points or 1.14 percent to close at 6,113.19 with the Mining and Services sectors leading all sub-indices up. Volume was also higher at 825 million shares worth P6.08 billion as gainers outnumbered losers 116 to 86 with 44 unchanged.
“Philippine shares were bought above the 6100 mark with many investors keeping an eye out for the latest decision of the Bangko Sentral ng Pilipinas which came out right after trading,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
The BSP surprisingly kept its policy rate unchanged.
He added that, “Regionally, U.S. equities closed mostly lower Wednesday as January’s CPI rose 0.5 percent month-on-month and three percent annually, exceeding expectations of 0.3 percent and 2.9 percent. The data dampened hopes for further Fed rate cuts, with speculation of a potential hike.”
Philstocks Financial Research Manager Japhet Tantiangco said "The local market extended its rise this Thursday as investors continued with their bargain hunting. Investors also took positions while hoping for positive catalysts from the BSP's policy meeting."
