Philippine shares ended the week in the green, rebounding strongly from yesterday’s decline as November inflation came in within expectations.
The benchmark Philippine Stock Exchange index (PSEi) jumped 61.64 points, or 1.05 percent, to close at 5,949.22, while the broader all shares index advanced 19.03 points, or 0.55 percent, to 3,477.68.
November inflation rate slowed to 1.5 percent from 1.7 percent in October. This brought the 11-month inflation to 1.6 percent, below the government’s target range of 2 percent to 4 percent.
Analysts said the easing inflation rate could justify another 25 basis points rate cut from the Bangko Sentral ng Pilipinas (BSP).
Luis Limlingan, head of sales at Regina Capital Development Capital, said investors positioned ahead of next week’s US Federal Reserve’s interest rate decision.
Sectors, however, ended mixed. Services jumped the most, up 3.93 percent, while property and mining and oil rose 0.82 percent and 0.47 percent, respectively.
On the other hand, holding firms declined 0.45 percent, while financial and industrial slipped by 0.15 percent and 0.08 percent, respectively.
Value turnover reached P5.17 billion.
Foreign investors were net sellers with outflows of P598.26 million.
Decliners, however, edged gainers 95 to 83.
International Container Terminal Services Inc. was the day’s top gainer, increasing by 6.63 percent to P587, while Alliance Global Group Inc. was the main index decliner, down 3.73 percent to P6.45.
The peso likewise closed stronger on Friday at 58.935 to the U.S. dollar, from 59.022 on Thursday.
