The local stock market moved up slightly following the release of the August inflation number which was slightly lower than the previous month.
The main index rose 33.56 points or 0.50 percent to close at 6,709.60 as the Mining and Oil index led the advance although Banks and Industrials retreated. Volume was still weak at 562.76 million shares worth P4.69 billion as gainers outpaced losers 95 to 89 with 50 unchanged.
“Philippine shares edged higher as the latest Philippine CPI print showed that the overall cost of good seemed to be moderating, while major U.S. stock indices are poised to resume later this evening,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, inflation for August slowed down to 6.3 percent from 6.4 percent in July, which was also slightly below the latest Bloomberg median estimate.
AB Capital Securities said “This is within BSP's forecast of 5.9-6.7 percent and below median estimate of 6.4 percent.”
Philstock Financial Research and Engagement Officer Mikhail Philippe Plopenio said “The improved oil prices also contributed to the positive sentiment. However, downside risks including the Peso’s depreciation and the Federal Reserve's hawkish outlook kept many investors at the sidelines.”