Philippine stocks snapped a two-day losing streak, following the release of the latest US Consumer Price Index (CPI) data.
The bellwether Philippine Stock Exchange index (PSEi) gained 46.81 points, or 0.76 percent, to close at 6,242.07 Thursday, while the broader all-shares Index climbed 19.60 points, or 0.53 percent, to settle at 3,701.40.
US stocks closed mixed, as soft inflation eased worries about possible recession. Asian stocks, however, still fell due to concerns about the impact of US President Donald Trump’s trade war on the global economy.
US February core inflation eased to 0.2 percent, below analysts’ forecast.
Despite the market’s rebound, Michael Ricafort, chief economist of Rizal Commercial Banking Corp., said the equities market could still be on a wait-and-see mode” due to current political noises.
The mining sector emerged as the top gainer among sectoral indices, rising 2.97 percent as gold prices rose to $2,935.59/oz driven by tariff uncertainty and cooling inflation.
Financials rose 2.41 percent and services by 1.72 percent, but property declined 1.55 percent and industrial by 0.73 percent.
Value turnover reached P4.98 billion. Foreign investors remained net buyers, with inflows of P436.10 million.
BDO Unibank Inc. was the top index gainer, with its share price rising 3.95 percent to P158. Alliance Global Group Inc. was at the bottom, declining 3.23 percent to P6.30.