Share prices jumped Tuesday following the release of inflation figure in October.
The peso closed up.
The Philippine Stock Exchange index was up 121.84 points to 7,257.94, a 1.71 percent hike.
The broader All Shares index was up 41.85 points or 1.06 percent to 3,993.51.
Gainers edged losers 115 to 89 with 52 stocks unchanged. Trading turnover reached P4.97 billion.
The peso closed at 58.315, up from 58.34 on Monday.
The currency opened at 58.43 and hit a high of 58.30 and a low of 58.455. Trading turnover reached $1.15 billion.
Poon Panichpibool, a markets strategist at Krung Thai Bank, said most of Asia’s market are in “defensive, wait-and-see mode until the US election results come in.”
Currency markets in emerging Asia were mostly muted, with investors in a wait-and-see mode until it becomes clear who will win the US presidential election.
In the Philippines, sentiment was boosted by the better than expected inflation figures.
The country’s quickening inflation signalled a sustained cycle of policy easing.
Data on Tuesday showed, Philippines consumer price index rose 2.3 percent in October from 1.9 percent reported the previous month.
This gives the central bank more room to maintain its policy easing cycle after it cut the benchmark interest rate by 25 basis points last month, for the second time this year. The peso was trading flat against the greenback.
“Inflation is expected to remain below 3.0 percent for the rest of the year, and much of the first half of 2025, paving the way for another 25 bps rate cut by the Bangko Sentral ng Pilipinas,” said analysts at Citi.
“Overall, investors balanced concerns over the US election with anticipation for October inflation and third quarter GDP data,” said Luis Limlingan, managing director at Regina Capital and Development Corp.
Most actively traded BDO Unibank Inc. was up P4.50 to P156. Ayala Land Inc. was up P1.50 to P34.50. Bank of the Philippine Islands was up P1.80 to P143.50. International Container Terminal Services Inc. was up P40 to P409. Ayala Corp. was up P20 to P710. SM Investments Corp. was up P3 to P962. Metropolitan Bank and Trust Co. was up P1.50 to P77. Universal Robina Corp. was up P2.95 to P101. SM Prime Holdings Inc. was up P1.25to P30.85. DigiPlus Interactive Corp. was up P0.45 to P21.25.
