The local stock market managed to recover from early losses after the announcement of a lower-than-expected inflation rate for September.
The main index rose 20.35 points or 0.29 percent to close at 6,981.24 as the Services sector led the advance although the Financials and Property counters remained in the red.
Volume was slightly higher at 1.08 billion shares worth P6.57 billion as losers still outnumbered gainers at 106 to 84 with 58 unchanged.
“Philippine shares were bought up towards closing as the September inflation came in much better than most had anticipated,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He explained that, “The latest CPI reading showed a contraction in the general prices of good to 4.8 percent, whereas most predicted this to hit above 5 percent.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse managed to climb further after sentiment got a boost from the September inflation print.”
He added that, “The continuous improvement in the country’s COVID-19 situation also helped in extending the gains.”
Tantiangco also said that, “In the earlier part of the trading day however, the market was in the negative territory amid profit taking caused by the negative spillovers from Wall Street.”