Stocks rise after Powell statement on inflation

The main index rose by 41.82 points or 0.61 percent to close at 6,923.08 as the Mining and Oil sector led the advance while Conglomerates lagged behind. Volume was low at 1.15 billion shares worth P6.28 billion as gainers outnumbered losers 115 to 66 with 53 unchanged.

“Philippine equities rose, following Powell’s speech on easing inflation,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He noted that, “Investors now await wholesale inventories data, and the speeches of Fed high rank members. The discussions will be mainly about the central bank’s plan on monetary tightening to tamp down inflation.”

Philstocks Financial Assistant Research Manager Claire Alviar said that, “After the two consecutive days of market decline, the local bourse bounced as the employment rate in the country remains strong at 95.7 percent, despite being slightly lower than November’s 95.8 percent.” “Moreover, Fed Chair Jerome Powell’s acknowledgement that the inflation rate in the US is declining helped boost the sentiment as this could be a sign that the Federal Reserve may soon pause its rate hikes,” she added.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks decline on profit-taking before key data - BusinessWorld OnlinePHILIPPINE STOCKS dropped on Monday, with the benchmark index settling below 7,000 on profit-taking as investors await the release of key economic data at home and in the United States. The bellwether Philippine Stock Exchange index (PSEi) went down by 90.77 points or 1.29% to close at 6,936.61 on Monday, while the broader all shares […]
Source: bworldph - 🏆 9. / 68 Read more »

Stocks slide, dollar firm as further monetary tightening seenInvestors snap up dollars to the detriment of emerging market assets and lower-yielding currencies like the yen.
Source: rapplerdotcom - 🏆 4. / 86 Read more »

Asia stocks steady, dollar firm as investors consider higher rate outlookAsian share markets mostly stabilized after steep losses in the past 24 hours, while the U.S. dollar remained elevated as investors considered the prospects for interest rates to remain higher for longer in many developed economies. | Reuters
Source: inquirerdotnet - 🏆 3. / 86 Read more »