MANILA -The Philippine benchmark Index (PSEi) rallied for a third-straight session on Tuesday as investors cheered government data showing easing inflation, a week before the Bangko Sentral ng Pilpinas (BSP) held its first policy meeting for the year on Feb. 15.
The PSEi rose 0.40 percent, or 27.04 points, to 6,755.26 while the broader All Shares index added 0.39 percent, or 13.91 points, to 3,539.05.
Data from the Philippine Statistics Authority showed January inflation eased to 2.8 percent from 3.9 percent in December. The latest print was at the low end of the government’s January forecast range of 2.8 percent to 3.6 percent.
READ: PH inflation slowed to 2.8% in January
“Philippine shares managed to overcome the weaker sentiment from the US, as inflation fell below the 3-percent mark in January, giving the BSP much more room to maneuver its interest rate policy,” said Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development.
PSE subsectors were mostly higher, with services and property stocks taking the lead. A total of 749.46 million shares valued at P4.76 billion changed hands while foreigners made net purchases of P44.45 million, data from the stock exchange showed.
Cemex Holdings Philippines’ also perked up an otherwise quiet day for traders as it rallied nearly 42 percent on acquisition rumors.
BDO Unibank Inc. was the top traded stock as it slipped 0.40 percent to P148 per share.
It was followed by International Container Terminal Services Inc., up 1.56 percent to P259.80; and SM Investments Corp., up 0.67 percent to P906. INQ