MANILA -Philippine stocks were mostly higher on Wednesday as investors cheered the latest US inflation report showing easing price pressures.
By the closing bell, the benchmark Philippine Stock Exchange index climbed 0.99 percent, or 60.25 points, to 6,171.13 while the broader All Shares index added 0.65 percent, or 21.44 points, to 3,307.72.
Major US stock indices also rallied overnight after inflation in October fell to 3.2 percent, which was below expectations and the first such decline in four months.
“The index rose in line with Asian bourses as the market drew strength from the lower than expected US October inflation print,” Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said in a note to investors on Wednesday.
READ: Asian stocks surge, dollar slumps as traders cheer inflation surprise
“Investors have also started to anticipate that the [Bangko Sentral ng Pilipinas] will keep rates steady in its policy meeting on Thursday (Nov. 16),” he added. Local trading activity picked up on Wednesday as 447.76 million shares valued at P4.52 billion changed hands while net foreign selling hit P147.2 million.
PSE subsectors were mostly higher, led by property (+1.48 percent) and holding firms (+1.33 percent). Industrial stocks slipped 0.07 percent.
SM Investments Corp. was the top traded stock as it added 1.70 percent to P839 per share.