Manufacturing buzz perks up PSEi

Benchmark Philippine Stock Exchange Index (PSEi) rallied by 1.48 percent, or 107.67 points, to 7,380.32 by the closing bell on Tuesday, October 1, 2024. – Expectations of easing inflation and robust growth in the country’s manufacturing sector energized investors on Tuesday, with the local bourse rebounding above the 7,300 level after Monday’s sell-off. INQUIRER FILES

Expectations of easing inflation and robust growth in the country’s manufacturing sector energized investors on Tuesday, with the local bourse rebounding above the 7,300 level after Monday’s sell-off.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) rallied by 1.48 percent, or 107.67 points, to 7,380.32.

Meanwhile, the broader All Shares Index added 1.14 percent, or 44.68 points, to close at 3,963.36.

A total of 1.13 billion shares worth P6.04 billion changed hands as foreigners made net purchases worth P463.68 million, stock exchange data showed.

READ: Benchmark PSEi tumbles by 2.1% as shares retreat after bullish breakout

Investors cheered projections that inflation eased last month, said Japhet Tantiangco, research head at Philstocks Financial Inc.

The Bangko Sentral ng Pilipinas has said that lower food and oil prices may have allowed inflation to settle between two and 2.8 percent from 3.3 percent in August.

At the same time, Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said traders priced in the manufacturing sector’s growth hitting a two-year high.

READ: PSEi down as investors pocket previous days’ gains

The S&P Global Philippines Manufacturing Purchasing Managers’ Index measures the country’s output in the sector. It rose to 53.7 in September from 51.2 in August.

Sy family-led BDO Unibank Inc. was the most actively traded stock as it went down by 0.44 percent to P157.30 each.

It was followed by Globe Telecom Inc., which surged by 5.54 percent to P2,400; International Container Terminal Services Inc., up 0.1 percent to P404.40; Bank of the Philippine Islands, up 2.52 percent to P138.50; and Ayala Land Inc., up 2.46 percent to P37.50.

Gainers overwhelmed losers, 124 to 73, while 60 companies closed unchanged.