MANILA — The Philippine Stock Exchange index (PSEi) extended its gains into a fourth consecutive trading day buoyed by the easing of inflation in October, while the peso concluded the session with a depreciation against the US dollar.
According to Philippines News Agency, the main stock index rose 53.29 points, ending at 6,131.32, partly due to a positive reaction from investors to the October consumer price index (CPI) data, which fell to 4.9 percent, a decrease from the previous month's 6.1 percent as reported by the Philippine Statistics Authority on Tuesday. This development fueled the belief that interest rates may have peaked.
The broader All Shares index also experienced an upturn, adding 18.19 points to close at 3,310.34. Sectoral indices all concluded in green, led by industrial, which ascended by 93.97 points to 8,589.75. Financials climbed 40.91 points; Holding Firms gained 12.09 points; Services edged higher by 5.17 points; Mining and Oil advanced by 2.60 points; and the Property sector inched up by 0.40 points.
In the market, the number of stocks that advanced at 89 outnumbered the decliners at 80, with 48 issues remaining unchanged.
On the foreign exchange front, the peso weakened to close at PHP56.12 against the US dollar, a decline from the previous session’s finish of PHP55.91. It began the day at a weaker position of PHP56.00 compared to Monday's opening of PHP55.80. The local unit oscillated between a low of PHP56.00 and a high of PHP56.29, resulting in an average of PHP56.14 for the day. Total trade volume expanded to USD1.62 billion, up from the prior session's USD1.15 billion.