PH shares up on hopes inflation may finally begin slowing
The benchmark Philippine Stock Exchange index (PSEi) extended gains on Thursday as new inflation data came within expectations, raising hopes that the consumer price surges that defined much of the past year may have peaked.
By the closing bell, the PSEi added 0.64 percent, or 42.83 points, to 6,761.33 while the broader All Shares index added 0.38 percent, or 13.38 points, to 3,550.45.
Trading activity also inched higher with 1.85 billion shares valued at P6.89 billion changing hands while net foreign buying jumped to P907.86 million, data from the stock exchange showed.
The Philippine Statistics Authority said inflation in December rose to 8.1 percent, bringing the full-year average to 5.8 percent.
The Bangko Sentral ng Pilipinas (BSP) said the December print fell within the forecast range of 7.6 to 8.6 percent, supporting the view that inflation could begin “decelerating in the succeeding months.”
The BSP expects “upside risks” for inflation in 2023 before being “broadly balanced” for 2024.
Banks were among the top gainers on Thursday, pushing up the financial subindex by 2.06 percent.
Industrial, holding firms and property subindices also rose while services and mining and oil fell even after Chinese president Xi Jinping said they were ready to resume joint oil and gas exploration with the Philippines after meeting President Marcos during a state visit.
BDO Unibank Inc. was the top traded stock on Thursday as it climbed 2.24 percent to P114 per share.
It was followed by PLDT Inc., down 1.66 percent to P1,424; Bloomberry Resorts Corp., up 4.36 percent to P8.86; and SM Investments Corp., down 0.65 percent to P915 per share.
Overall, there were 93 advancers against 84 losers while 53 companies closed unchanged.
