Philippines shares advanced Friday, rising above the 6,700 level as investors digested the inflation and jobs data.
The Philippine Stock Exchange index climbed 38.37 points, or 0.57 percent, to close at 6,729.14, while the broader all-shares Index inched up by 13.79 points, or 0.37 percent, to settle at 3,790.68.
“Philippine shares climbed back above 6,700 after a sluggish week, as investors discounted the latest November CPI [consumer price index] data,” Regina Capital Development Corp head of sales Luis Limlingan.
He said that while headline inflation rose to 2.5 percent in November, driven by food price increases following a series of typhoons, it remained within the central bank’s target range for 2024.
“Inflation for the year averaged 3.2 percent, with projections indicating it will remain within the BSP’s target range. Risks include potential wage hikes and electricity rate adjustments, while declining import tariffs on rice may temper inflation,” he said.
Meanwhile, the peso strengthened further to finish at 57.73 against the US dollar Friday, up from 57.88 Thursday on positive employment figures, showing that the jobless rate remained below 4.0 percent in October.
At the stock market, US equities fell overnight as investors awaited the November jobs report as this could influence the US Federal Reserve’s rate decision. Fed Chair Jerome Powell noted the economy’s strength allows cautious moves on rate cuts.
Total value turnover at the PSE reached P4.52 billion, with 91 gainers, 83 decliners and 62 names unchanged.
SM Investment Corp. rose 2.81 percent to P915, while Ayala Land Inc. declined 2.07 percent to P28.40.
