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Sunday, May 19, 2024

Philippine stocks bounce back

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Philippine shares registered modest gains Wednesday as investors await the release of key US inflation report later this week.

The Philippine Stock Exchange index climbed 15.85 points, or 0.23 percent, to close at 6,876.52, while the broader all-shares index rose 8.57 points, or 0.24 percent, to 3,591.66.

Regina Capital Development Corp. head of sales Luis Limlingan said investors were waiting for the US personal consumption expenditure reading for January, which is the preferred measure of inflation by US Federal Reserve.

The local bourse also ended higher as investors also welcomed the strong earnings report of banks and property firms.

Sectoral indices ended mixed with financials, holding firms and property in positive territory while industrial, services and mining and oil ending in the red.


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