Local stocks bounce back, brush aside US ratings downgrade

Stocks bounced back Thursday after Wednesday’s sell-off as bargain hunters cautiously picked up shares with promising earnings.

Colet said investors also took advantage of the recent sell-off to buy shares that reported or were expected to report positive first-half results. The ratings agency’s decision to lower Washington’s gold-plated AAA classification rattled markets, fueling a race out of riskier assets, though analysts said there was unlikely to be much long-term impact from the move.

That jolted optimism that the Fed might have announced its last rate hike in July, as a string of recent reports showed inflation continuing to fall and parts of the economy appearing to slow.

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Stocks plunge after US debt rating downgradeThe local stock market fell together with most global bourses after Fitch downgraded its US credit rating.
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Stocks bounce on strong corporate earningsThe PSEi bounced on strong corporate earnings reports and managed to recover most of the previous day’s loss due the knee jerk reaction to the US rating downgrade.
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