The stable month-on-month inflation rate in January supported investors’ sentiment on Wednesday’s trading, with both the local bourse and currency performing better than the previous day.
The benchmark Philippine Stock Exchange index (PSEi) closed mid-week with 3.15 percent increase to 6,281.08, with All Shares also improving by 2.18 percent to 3,696.66.
“Philippine shares made another furious comeback as the latest CPI (consumer prices index) came within many analysts’ expectations, paving the way for more leeway for the BSP to time the cutting of interest rates,” Regina Capital Development Corp. head of sales Luis Limlingan said.
The Philippine Statistics Authority (PSA) reported that last month’s inflation stayed at 2.9 percent, the same rate in December 2024.
“Sentiment also received an additional push as Wall Street edged higher on Tuesday as investors sought stability amid fresh global trade developments,” he added.
All counters closed in the positive territory, with biggest gains coming from Property, as its shares rose 4.81 percent to 2,405.82.
Holding Firms closed its counter with a 4.09-percent increase to 5,216.62; followed by Industrial, up by 2.53 percent to 8,667.06; Mining and Oil, up by 2.39 percent to 7,328.26; Services, up by 2.19 percent to 2,059.16; and Financials, up by 1.69 percent to 2,304.88.
Gainers topped losers at 127 to 68, with 50 counters left unchanged.
Meanwhile, the Philippine peso finished stronger Wednesday at 58.10, or gaining by 0.24 against the US dollar, from a 58.34-close in the previous day.
Peso opened the day stronger by 0.40 at 58.05 from a kick-off of 58.45 on Tuesday.
The currency pair traded between 57.98 and 58.14, bringing the average level for the day at 58.07 to the greenback.
Trade volume declined to USD1.82 billion from USD2.13 billion in the last trading. (Kris Crismundo,PNA)
