Investors cheered the inflation reading coming from the United States, which turned out better-than-expected, allowing the Philippine Stock Exchange index (PSEi) to maintain its winning streak on Thursday.
The benchmark PSEi climbed 3.23 percent, or 208.84 points, to settle at 6,680.68 while the broader All Shares index was up 2.57 percent, or 89.06 points, to close at 3,550.57.
Claire Alviar, Philstocks Financial, Inc. assistant manager for research and online engagement, said the PSEi took cues from Wall Street, which went up after US inflation hit 8.5 percent in July, much better than the 8.7-percent consensus.
“The latest print brings optimism as investors expect the Federal Reserve to finally slow down from its hawkish stance,” Alviar said.
“Moreover, the dollar’s strength may [ease] as well, which would be favorable to most currencies, especially to the Philippine peso,” she said.
Trading for the shares of ABS-CBN Corp. and ABS-CBN Holdings Corp. was halted for an hour following the announcement of the Lopez-led network’s partnership with TV5 Network Inc.
About 917.29 million shares amounting to P8.63 billion were traded. Advancers led decliners, 144-51, while 43 issues were unchanged.
All subsectors ended in the green. Property and holding firms indices had the most gains at 4.46 percent and 3.25 percent, respectively.
Ayala Land Inc.’s shares, the most actively traded, were up 6.45 percent to P28.05 each.
It was followed by SM Prime Holdings, up 3.59 percent to P39; Aboitiz Equity Ventures, up 4.10 percent to P59.70; SM Investments Corp., up 4.45 percent to P845; International Container
Terminal Services Inc., up 3.37 percent to P184; and BDO Unibank Inc., up 2.75 percent to P115.90.