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Manila Bulletin devider Business devider The Stock Market devider Stocks climb after 3-day loss as inflation stays in check

Stocks climb after 3-day loss as inflation stays in check

Published Dec 6, 2024 07:37 am

The local stock market recovered the previous day’s loss as investors see inflation keeping within the Bangko Sentral ng Pilipinas’ target range despite rising faster last month.

The main index rose by 39.37 points or 0.57 percent to close at 6,729.14 as Conglomerates led the advance while Banks and Industrials retreated. Volume declined to 861 million shares worth P5.71 billion as gainers outnumbered losers 91 to 83 with 62 unchanged.

“Philippine shares climbed back above 6,700 after a sluggish week, as investors discounted the latest November consumer price index data,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Headline inflation rose to 2.5 percent in November, driven by food price increases following a series of typhoons, but it remained within the central bank's target range for 2024.

He noted that “inflation for the year averaged 3.2 percent, with projections indicating it will remain within the BSP’s target range. Risks include potential wage hikes and electricity rate adjustments, while declining import tariffs on rice may temper inflation.”

Philstocks Financial Research Manager Japhet Tantiangco said "The local market closed higher this Friday on the back of the Peso’s appreciation against the US Dollar, climbing back above the 58.00 level."

"Investors also digested the Philippines’ latest inflation figure of 2.5% which is still near the lower end of the government’s target," he added.
 

Related Tags

Regina Capital Development Corporation Luis Limlingan Japhet Tantiangco Philippine Stock Exchange index (PSEi) Philstocks Financial
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