The local stock market ended Thursday’s trading session with a 1.6 percent increase to hit their highest level since early August 2023, as investors pin hope on better inflation numbers for December.
Peso ended stronger.
The Philippine Stock Exchange index recorded a rise of 103.64 points, reaching a closing value of 6,602.52.
The broader all shares index also experienced a positive shift, increasing by 35.52 points or 1.03 percent.
“The local market rose on the back of hopes that headline inflation in the Philippines had further declined last December,” Philstocks research and engagement officer Mikhail Plopenio said.
“Supporting the said hopes is the midpoint of the BSP’s (Bangko Sentral ng Pilipinas) 3.6 percent to 4.4 percent range forecast which is below the preceding month’s 4.1 percent,” he added.
The latest inflation report is set to be released by the Philippine Statistics Authority today.
Except for miners, a positive sentiment was seen across all sectors, with property leading the way with a notable increase of 2.77 percent.
The market’s total value turnover reached P5.18 billion, reflecting the active participation of investors.
Market dynamics favored the advancers, as they outperformed decliners by a significant margin.
Specifically, there were 110 advancing stocks, 85 decliners, and 46 stocks that remained unchanged.
The peso closed at 55.50 to the dollar from 55.57 on Wednesday.
The currency opened at 55.75 tand hit a low of 55.78 and a high of 55.465. Volume reached $1.7 billion.
Most Asian currencies declined on Thursday as investors reassessed their expectations of steep and early US rate cuts this year, after minutes of the Federal Reserve’s December meeting provided few clues on the timing.
The dollar edged higher overnight after minutes of the Fed’s December meeting showed officials acknowledged that inflation was coming under control and were concerned about the risks of the central bank’s “overly restrictive” monetary policy on the economy.
