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Stocks move in step with Asia-wide rally
The Philippine Star
|January 12, 2024
Local stocks recovered yesterday, moving in step with Asian peers, ahead of US inflation data that could influence the Federal Reserve's thinking on rate cuts, while the crypto world got a boost after exchange-traded funds (ETFs) to track Bitcoin were approved in the United States.
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"The local market rose due to positive cues from Wall Street overnight as investors positioned ahead of the December US inflation report," Philstocks Financial said in a report.
The World Bank's view that the Philippines will be one of the fastestgrowing economies in Southeast Asia this year also boosted sentiment, it said.
The Philippine Stock Exchange index (PSEI) ended at 6,613.73, higher by 67.62 points or 1.03 percent. The broader All Shares index finished at 3,495.76, up by 26.12 points or 0.75 percent.
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