Local share prices rose after the government announced a lower-than-expected inflation rate for September.
The main index jumped 79 points or 1.07 percent to close at 7,467.92 as the Industrial sector led the charge while the Property and Mining counters dropped. Volume declined to 786 million shares worth P6 billion as gainers outnumbered losers 107 to 87 with 51 unchanged.
“Philippine shares were bought up towards closing as investors were positively surprised by the latest Ph CPI print for September, which came in at just below 2 percent , giving the monetary authority greater control on when to relax interest rates,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Local shares rose even as U.S. stocks fell Thursday as Middle East tensions and an upcoming payroll report kept investors cautious.
Markets remain volatile after Iran’s missile strike on Israel and Israel's ground operations in Lebanon.
Weekly jobless claims exceeded forecasts, hinting at labor market uncertainty ahead of Friday’s payroll report.