Article by:
Joann Villanueva
MANILA – Lower-than-expected domestic inflation last September partly lifted the Philippine Stock Exchange index (PSE) while the peso kept its footing against the US dollar.
The main equities index rose by 0.29 percent, or 20.35 points, to 6,981.24 points.
All Shares inched up by 0.23 percent, or 9.98 points, to 4,358.17 points.
Most of the sectoral indexes also gained during the day with Services rising by 1.01 percent; Industrial, 0.60 percent; Holding Firms, 0.43 percent; and Mining and Oil, 0.38 percent.
On the other hand, Financials slipped by 0.47 percent and Property by 0.10 percent.
Volume totaled 1.08 billion shares amounting to PHP6.57 billion.
Decliners led advancers at 106 to 84, while 58 shares were unchanged.
“Philippine shares were bought up towards closing as the September inflation came in much better than most had anticipated, “ said Luis Limlingan, Regina Capital Development Corporation head of sales.
Inflation slowed down to 4.8 percent last September from the previous month’s 4.9 percent.
Limlingan said the inflation print last month is lower than the consensus forecast of above 5 percent.
He added inflation is also among the major factors in the equities trading in the US, along with talks on infrastructure and social spending.
“Recall that Treasury Secretary Janet Yellen last week warned the Treasury Department is likely to exhaust extraordinary measures to keep from defaulting on its debt by October 18,” he added.
The peso ended the day sideways against the US dollar at 50.65 from 50.7 a day ago.
It opened the trade at 50.8 and traded between 50.82 and 50.625.
Average level for the day stood at 50.711.
Volume rose to USD1.02 billion from USD857.54 million in the previous session. (PNA)
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