MANILA – Report on the continued deceleration of the country’s inflation rate enabled local stocks and the peso to end the week with gains on Friday.
The barometer Philippine Stock Exchange index (PSEi) increased 0.24 percent or 19.05 points to 7,873.18.
“A lot of the bargain hunting was influenced by the much better-than-expected inflation figure, which came in at 3.3 percent,” Regina Capital managing director Luis Limlingan said.
The government on Friday reported that the country’s inflation rate further eased to 3.3 percent in March, its lowest level in 15 months, as food prices slowed.
Limlingan said local shares closed mostly higher along with the United States, which is extending its win streak to a sixth session.
“Investors continued to monitor trade talks between the US and China, which are reportedly in their final stretch,” he added.
Most of the sectors ended the day on a positive territory, except the Property sector, which slightly declined.
Friday’s gains were led by Financials, which rose 0.57 percent; Holding firms, 0.45 percent; and Services, 0.31 percent.
Volume reached 2.02 billion shares amounting to PHP5.04 billion.
Gainers edged losers at 117 to 81, while 49 stocks were unchanged.
Meanwhile, the peso closed at 52.1 from 52.18 the previous day. It opened the session weaker at 52.28 from its 52.13 start on Thursday.
The local currency traded between 52.09 and 52.33, bringing the average for the day to 52.186.
Volume reached USD964.52 million from USD1.17 billion the previous day. (PNA)