Share prices posted gains for the sixth straight day yesterday, with the market remaining upbeat.
Investors were hoping the latest inflation reading would encourage the central bank to stay on its rate-easing path, while the market digested the ongoing release of 2024 corporate earnings results, analysts said.
The Philippine Stock Exchange index (PSEi) closed up 62.48 points, or 0.99 percent, at 6,360.77.
The broader All Shares index gained 24.72 points or 0.66 percent to 3,748.92.
Gainers edged out losers 122 to 76, with 48 stocks unchanged. Trading turnover reached P6.41 billion.
“The local bourse rose, still on the hopes that the Bangko Sentral ng Pilipinas (BSP) will further ease its monetary policy following the significant slowdown in our inflation last February,” online stock trading platform Philstocks Financial Inc. said.
“All sectors were in positive territory, with miners gaining the most, up 3.74 percent,” it said in its market recap.
Philstocks noted that “robust” fourth quarter/full-year 2024 corporate results also helped to sustain the market’s climb.
Luis Limlingan, managing director at Regina Capital and Development, said investors disregarded the weaker-than-expected jobs report in the US on Friday, “which indicated a slowing economy.”
Michael Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), said the same weak job numbers are seen by investors to be supporting future Fed rate cuts.
Ricafort said investors likewise are betting on a continued deceleration of inflation given the continued rollback in fuel pump prices.
Most actively traded International Container Terminal Services Inc. gained P5 to P390. BDO Unibank Inc. closed up P0.50 at P158. Bank of the Philippine Islands rose P0.50 to P131.90. Universal Robina Corp. edged up P3.20 at P75. Ayala Land Inc. closed up P0.05 at P23.50. DigiPlus Interactive Corp. firmed P0.45 to P37.50. SM Prime Holdings Inc. added P0.65 to P25. Manila Electric Co. climbed P1.50 to P502. Philex Mining Corp. edged up P0.51 to 6.26. Jollibee Foods Corp. settled P11.20 higher at P264.
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