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Stocks up on lower US inflation rate

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The local stock market moved up after news that US inflation slowed down in November, boosting hopes of less aggressive interest rate hikes.

The main index added 32.69 points or 0.50 percent to close at 6,615.07 as Conglomerates led the advance but the Property counter stayed in the red. Volume surged to 5.5 billion shares worth P115.96 billion due to block sales as gainers beat losers 102 to 73 with 37 unchanged.“Philippine shares rose once again, propped by a cooler-than-expected CPI report. The Nov CPI was 7.1 percent on the year, less than the 7.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse gained following the easing of US inflation, cheered by most investors, especially in Asia.” She added that, “The inflation rate in the US was less than expected, raising hopes that the Fed will hike rates at a slower pace.”

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Asian stocks waver ahead of U.S. inflation data and central bank rate decisionsAsian stock markets slipped after making early gains on Tuesday, as investors waited for U.S. inflation data that many hope will persuade the Federal Reserve and other central banks to step back from aggressive interest rate hikes. | Reuters
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