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Business

Philippines stocks up on bullish sentiment

Iris Gonzales - The Philippine Star
Philippines stocks up on bullish sentiment
The benchmark Philippine Stock Exchange index (PSEi) closed at 6,309.57, up by 40.07 points or 0.64 percent.
STAR / File

MANILA, Philippines — The Philippine stock market opened the shortened trading week on a positive note as investors continued to scoop up undervalued stocks.

The benchmark Philippine Stock Exchange index (PSEi) closed at 6,309.57, up by 40.07 points or 0.64 percent.

The sectoral gauges, meanwhile, were mixed with property, holding firms, mining and oil, and financials finishing in positive territory and industrial and services ending in the red.

Total value turnover reached P5.34 billion although market breadth was negative, 106 to 79 while 39 issues were unchanged.

Unicapital Securities said that at the current levels, the market continues to show strong upside potential on its inexpensive valuations amid sequentially improving macro factors.

Meanwhile, shares were mixed in Asia yesterday after Wall Street benchmarks edged lower as investors waited for updates on inflation and how American consumers are feeling about the economy.

Tokyo and Hong Kong fell while Shanghai, Seoul and Sydney gained. US futures and oil prices edged higher.

On Thursday, Wall Street will be closely watching the government’s October data on the Federal Reserve’s preferred measure of inflation. Economists expect that measure to continue easing, as it has been since the middle of 2022.

Investors have grown cautiously optimistic that inflation has cooled enough for the Federal Reserve to put a definitive end to its aggressive interest rate hikes. Meanwhile, the broader economy has remained strong enough in the face of rising interest rates and inflation to avoid a recession.

Signs the US economy is slowing, and that conditions in China remain uncertain are weighing on sentiment, analysts said.

The main focus through the end of the year will be on the Fed and what it does next. It has been holding its benchmark interest rate steady at a range of 5.25 percent to 5.50 percent since its last quarter-point hike at its July meeting.

Investors increasingly expect the Fed to cut rates in mid-2024, easing it off its highest level in two decades.

The central bank is aiming to cool inflation without slowing economic growth to the point of causing a recession.

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