Philippine stocks ended the first trading week of 2024 in the green, ignoring Wall Street’s losses, on better-than-expected December inflation.
The bellwether Philippine Stock Exchange index rose 27.12 points, or 0.41 percent, to close at 6,629.64, while the broader all-shares index advanced by 16.76 points, or 0.48 percent, to finish at 3,502.52.
Inflation rate slowed to 3.9 percent in December from 4.1 percent in November 2023, bringing the full-year average inflation rate to 6 percent.
“Philippine shares maintained their upward trajectory as inflation turned out cooler than expected, registering at 3.9 percent,” Regina Capital Development Corp. head of sales Luis Limlingan said.
China Bank Capital chief economist Michael Ricafort said the easing inflation trend in recent months could mean that there is no urgency for more local policy rate hikes.