PSEi gains ahead of inflation report
The local stock barometer extended its gains on Monday ahead of the reporting of what most investors expect to be benign inflation data for December.
By the closing bell, the Philippine Stock Exchange Index (PSEi) climbed 0.48 percent, or 29.47 points, to finish at 6,164.53.
The broader All Shares Index also jumped 1.04 percent, or 36.69 points, to 3,553.74.
Miners posted the biggest gains on the first trading session of the week, logging 2.95 percent. Services came next with 1.59 percent.
Conglomerates and the property sector, on the other hand, ended in the red.
According to Philstocks financial research manager Japhet Tantiangco, trading remained tepid as net value turnover reached P5.67 billion.
“The local market rose as investors continued with their bargain hunting. Expectations that inflation has remained benign last December helped in Monday’s climb,” he said.
The Philippine Statistics Authority is set to release the December inflation data on Tuesday, Jan. 6.
Even with a stronger demand during the holiday season, some economists still expect inflation to remain steady in December, matching November’s 1.5 percent.
If the government shows a lower figure, this would be the 10th straight month that the inflation print would have gone below the central bank’s target band of 2 to 4 percent.
ACEN Corp. was the top index gainer, increasing by 5.5 percent to P3.07.
Converge ICT Solutions Inc., on the other hand, was the main loser, declining 4.65 percent to P14.76.
Winners continued to outnumber decliners at 133 to 93, while 51 names remained unchanged.
