Stocks slightly rise, buck higher US inflation

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Philippine stocks posted slim gains Friday as the US September inflation report boosted expectations of possible US Federal Reserve rate hikes.

Value turnover reached P5.23 billion, while foreign investors were in a net buying position amounting to around P81.53 million for the day. However, the mood was darkened Thursday by data showing the consumer prices index rose slightly more than expected in September, highlighting the tough work still to do in the battle against inflation.

Officials are expected to hold on rates next month, though there is much debate on their plans for December. “The reality is that the path to 2 percent may take much longer to achieve than originally thought and markets are slowly starting to realize the direction of travel may well not be in a straight line.”

 

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