The local stock market jumped after the government announced the June inflation rate.
The main index rose 126.37 points or 2.04 percent to close at 6,309.99 as the Property sector led the advance across the board. However, volume stayed thin at 509 million shares worth P3.98 billion as gainers beat losers 119 to 71 with 46 unchanged.
“Philippine shares continued to be bought up as the latest CPI came in within expectations, and while fund managers await the US to resume trading from the long holiday,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market rallied as the Philippines’ June inflation rate settled at 6.1 percent, the midpoint of the Bangko Sentral ng Pilipinas’ range forecast.”
He added that, “Investors continued to hunt for bargains as the said inflation fell within expectations.“
“Trading remained weak, however, as many stayed out of the market due to economic concerns, primarily the BSP’s possibly aggressive policy actions in the near term in light of the latest inflation print and the Peso’s depreciation,” Tantiangco noted.