PSEi extends winning streak
The local bourse extended its winning streak to a third trading day on Monday as energized investors coming back from the holiday break provided a boost, along with expectations of domestic inflation settling within the central bank’s target range.
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) added 0.32 percent or 21.36 points to 6,625.17.
Likewise, the broader All Shares Index climbed 0.23 percent or 8.55 points to close at 3,794.03.
A total of 4.54 billion shares worth P3.86 billion changed hands as foreigners made net purchases worth P40.94 million, stock exchange data showed.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp. said the index ascended for the third consecutive session as investors “slowly repositioned into the market as the full trading week of the year begins.”
This also comes after analysts polled by the Inquirer projected that inflation in December might have sped up slightly to an average of 2.7 percent from 2.5 percent last November.
This is still within the lower end of the Bangko Sentral ng Pilipinas’ 2.3 to 3.1 percent target range for the month. Should this be the official figure that would be released on Tuesday, Jan. 7, the full-year average inflation across the Philippines would be 3.2 percent in 2024.
Despite the bourse’s climb, only banks and services firms registered gains. Index heavyweights SM Investments Corp. (down 0.99 percent to P899) and SM Prime Holdings Inc. (down 0.2 percent to P25.15) slightly pulled down the conglomerates and property firms, respectively.
