The stock market started the week on a positive note, lifted by bargain hunting and investor optimism ahead of key macroeconomic data.
The Philippine Stock Exchange index (PSEi) gained 42.52 points or 0.67 percent to close at 6,348.65, while the broader All Shares index rose 14.93 points or 0.40 percent to 3,766.60.
Market activity was relatively muted for most of the session before a late surge, driven by expectations of manageable July inflation and stable second-quarter GDP growth.
“Expectations that inflation last July has remained well under control also helped in lifting the market,” Philstocks Financial Inc. said in a note.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the peso’s sharp recovery also helped boost investor sentiment.
The peso strengthened to 57.29 to the dollar on Monday, up from Friday’s 58.145 close. The local currency opened at 57.75 and traded between 57.29 and 57.75. Total volume reached $1.69 billion.
Eyes on inflation, GDP
Investors are positioning ahead of major economic releases this week, including July infla-tion and second-quarter GDP.
Luis Limlingan, managing director at Regina Capital Development Corp., said traders were taking “firmer positions” in anticipation of macroeconomic indicators that could shape near-term policy signals.
Advancers edged out decliners, 100 to 91, while 61 issues were unchanged. Value turnover reached P5.2 billion across 58,563 trades involving 797.02 million shares.
Foreign investors were net sellers by P257.77 million, with total buying at P2.07 billion and selling at P2.33 billion.
