MANILA -The benchmark Philippine Stock Exchange index (PSEi) advanced for a fifth consecutive session on Tuesday after new government data showed lower than expected inflation in October, tempering bets on a Bangko Sentral ng Pilipinas (BSP) policy rate hike later this month.
By the closing bell, the PSEi added 0.88 percent, or 53.29 points, to 6,131.32 while the broader All Shares index increased by 0.55 percent, or 18.19 points, to 3,310.34.
“The index continued its rebound as investors cheered the surprisingly low Philippine October inflation print. This reinforced growing expectations that the BSP will not hike its policy rate this month and perhaps the rest of the year,” Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said in a note to investors on Tuesday.
“Nonetheless, daily value turnover was relatively low as some market participants opted to stay on the sidelines ahead of the release of third quarter [gross domestic product] data on Thursday,” he added.
Financial (+2.38 percent) and industrial (+1.11 percent) counters led gainers among PSE subsectors.
Meanwhile, turnover dipped as 240.17 million shares valued at nearly P3 billion changed hands.
Foreigners were net buyers to the tune of P52.11 million, data from the stock exchange showed. BDO Unibank Inc. was the top traded stock as it climbed 2.46 percent to P133.20 per share. It was followed by Ayala Land Inc., down 0.36 percent to P28; SM Prime Holdings Inc., up 0.16 percent to P31.05; Bank of the Philippine Islands, up 4 percent to P104, and Manila Electric Co., up 3.52 percent to P364.40 per share.
SM Investments Corp. was down 0.54 percent to P829; Universal Robina Corp., up 0.99 percent to P112.40; Metropolitan Bank & Trust Co., up 0.67 percent to P52.70; Globe Telecom, up 0.45 percent to P1,770, and GT Capital Holdings Inc., up 1.87 percent to P545 per share. Overall, there were 89 advancers against 80 losers while 48 companies closed unchanged.