Share prices inched up on follow-through buying as investors continued to digest the benign February inflation and President Donald Trump’s decision to delay tariffs on cars from Mexico and Canada by a month.
Investors likewise were encouraged by the strengthening peso.
The benchmark Philippine Stock Exchange index (PSEi) closed up by 98.19 points or 1.6 percent at 6,219.96.
The broader All Shares index gained 34.56 points or 0.94 percent to 6,699.10.
Gainers outperformed losers 108 to 82, with 59 stocks unchanged. Trading turnover reached P6.83 billion.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), cited the PSEi’s climb to a one-month high on Thursday, since closing at 6,241.97 on February 6.
Luis Limlingan, managing director at Regina Capital and Development Corp. said: “The local bourse extended its gains as investors digested cooler-than-expected CPI data and a one-month tariff delay for automakers under the US-Mexico-Canada Agreement, fueling hopes for further exemptions despite trade policy uncertainties.”
On Wednesday, the Philippine Statistics Authority said inflation last month hit 2.1 percent, slower than the 2.9 percent in January, and the 3.4 percent recorded for the comparable month last year.
Japhet Tantiangco, an analyst at Philstocks Financial Inc. said the tame inflation raises the prospects of the Bangko Sentral ng Pilipinas pushing for an early resumption of its policy easing.
Philstocks in a market recap said investors also cheered the local currency’s appreciation against the dollar.
The most actively traded Bank of the Philippine Islands gained P1.50 to P130. BDO Unibank Inc. appreciated by P2.10 to P155. International Container Terminal Services Inc. gained P19 to P356. Ayala Land Inc. closed up P0.20 at P23.45. Manila Electric Co. rose P7.40 to P505. JG Summit Holdings Inc. closed up P0.26 at P18.02. Metropolitan Bank and Trust Co. added P0.85 to P71. SM Investments Corp. rose P16 to P821. Converge ICT Solutions Inc. shed P0.30 to P17.08. SM Prime Holdings Inc. gained P0.70 to P24.30.
