Stocks slightly rose Friday despite higher US inflation

Philippine stocks slightly rose Friday as the US September inflation report boosted expectations of possible US Federal Reserve rate hikes.

The 30-company Philippine Stock Exchange index inched up by 3.28 points, or 0.05 percent, to close at 6,266.34, while the broader all-shares index picked up 1.16 points, or 0.03 percent, to finish at 3,384.57.

Regina Capital and Development Corp. head of sales Luis Limlingan said investors digested the possible implications of the higher-than expected US consumer price index print of the global economy.

US inflation rate came in at 3.7 percent in September 2023, defying market expectations of a slight decrease.

Value turnover reached P5.23 billion, while foreign investors were in a net buying position amounting to around P81.53 million for the day.