Local share prices surged Thursday, Jan. 4, in anticipation of a lower inflation rate for December.
The main index jumped 103.64 points or 1.59 percent to close at 6,602.52 with the Property counter leading the rally although the Mining sector lagged behind. Volume improved to 461 million shares worth P5.18 billion as gainers outnumbered losers 110 to 85 with 46 unchanged.
“In contrast to the US, Philippines shares continue to soar further as the market sustained its momentum,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “The local market rose on the back of hopes that headline inflation in the Philippines had further declined last December. The Philippines’ inflation data is set to be released this Friday.”
He noted that, “The local bourse was in the green territory for most of the session.” China Bank Capital Corporation Managing Director Juan Paolo Colet said “The index surged above the 6,600 level and reached its highest close in more than four months as investors positioned ahead of the release of the Philippine December inflation print on Friday.”
“The PSEi bucked the fall of most Asian markets as traders bought up local stocks on expectations that domestic headline inflation last month cooled to 4.00 percent , which is within the BSP's target inflation range,” he added.(