PSEi regains ground on cooler inflation
Local stocks emerged stronger on the last trading day, regaining the index’s hold on the 5,900 level, as the country recorded cooler inflation last month.
The Philippine Stock Exchange Index (PSEi) rose 1.05 percent, or 61.64 points, to finish at 5,949.22.
The broader All Shares also closed the trading week in the positive territory, jumping 0.55 percent, or 19.03 points, to 3,477.68.
Major sectors’ performances were mixed again on Friday, with the services leading with a 3.93-percent surge.
However, stock data showed that trading was still “tepid” with net value turnover at P5.17 billion, Philstocks financial research manager Japhet Tantiangco said.
“The local market bounced back as investors cheered the Philippines’ November inflation rate, which came in at 1.5 percent, declining from the prior month’s 1.7 percent,” he said.
“The slowdown in the country’s inflation is seen to help in household consumption. It also gives the Bangko Sentral ng Pilipinas more room to ease monetary policies,” the analyst added.
AB Capital Securities Inc., meanwhile, said the local bourse was also fueled by “ICT’s record high…”
International Container Terminal Services Inc., the listed global ports operator led by tycoon Enrique Razon Jr., gained the most on Friday, soaring by 6.63 percent to P587.
Earlier this week, the company said that it had completed the expansion of its logistics and industrial center in Brazil.
Alliance Global Group Inc., meanwhile, performed poorly, dropping 3.73 percent to P6.45.
The market closed with 95 losers, 83 advancers and 69 unchanged.
