MANILA -The main-share stock index extended gains for a fifth straight session on Wednesday as sentiment improved after the better-than-expected inflation report.
By the closing bell, the Philippine Stock Exchange Index climbed 0.39 percent, or 23.71 points, to 6,155.03, while the broader All Shares Index was up 0.22 percent, or 7.17 points, to 3,317.51.
Stock market investors also placed fresh bets ahead of the release of third-quarter gross domestic data while they monitored the ongoing release of quarterly corporate earnings.
“Inflation for October was logged at 4.9 percent as lower prices of food contributed to downward price pressures. Meanwhile, it is expected [that] third-quarter gross domestic product will be able to rebound from the previous quarter,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Wednesday.
READ: PH inflation eased to 4.9% in Oct
Market turnover was muted as 341.53 million shares valued at P3.76 billion changed hands while foreigners were net buyers, amounting to P98.33 million.
JFC, ALI outperform
Subsectors were mixed —industrial, property and financial counters gained while mining and oil, services and holding firms declined.
Jollibee Foods Corp. was the top traded stock as it increased 4.37 percent to P219.80 per share.
It was followed by BDO Unibank Inc., up 0.98 percent to P134.50; Ayala Land Inc., up 4.11 percent to P29.15; SM Investments Corp., down 1.21 percent to P819; and SM Prime Holdings Inc., down 0.48 percent to P30.90 per share. Universal Robina Corp. was up 0.27 percent to P112.70; International Container Terminal Services Inc., down 0.29 percent to P209.40; GT Capital Holdings Inc., down 1.28 percent to P538; Cosco Capital Inc., down 2.13 percent to P4.60; and Bank of the Philippine Islands, up 0.29 percent to P104.30 per share.