PH stocks rally above 7,700
Philippine stocks rallied above 7,700 on Tuesday ahead of the release of inflation data today.
The benchmark Philippine Stock Exchange Index (PSEi) was up 2.27 percent, or 171.02 points, to 7,703.92 as investors bet that inflation, whose upward trend in recent months was a major cause of market volatility, would continue to slow.
The broader all-shares index was also up 1.73 percent or 78.26 points to 4,602.51.
On Monday, Sun Life Financial Philippines chief investment officer Michael Enriquez said investor worries over the rising cost of goods and services had eased given government efforts to stabilize the cost of rice coupled with the hawkish stance of the Bangko Sentral ng Pilipinas.
Moreover, the global price of oil had declined given oversupply issues.
The PSEi has gained 12.9 percent from its recent low of 6,820 on Nov. 13. Losses over its 2017 close have narrowed to about 10 percent as of Tuesday.
Data from the PSE showed that all sub sectors, save for the 0.26 percent drop in the mining and oil subindex, closed higher yesterday. Gains were led by holding firms, which jumped almost 3 percent.
A total of 1.26 billion shares valued at P11.5 billion changed hands. There were 128 gainers against 54 decliners while 52 companies closed unchanged.
Metropolitan Bank & Trust was again the most actively traded issue as it gained 3.05 percent to P79.90 per share.
It was followed by Ayala Land Inc., up 1.79 percent to P42.65, SM Prime Holdings Inc., up 2.47 percent to P37.40, SM Investments Corp., up 3.38 percent to P980, and Aboitiz Equity Ventures Inc., up 2.93 percent to P54.45 per share.
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