The local stock market rose further as optimism generated by the lower inflation rate overcame news of weaker US equities.
The main index added 28.12 points or 0.41 percent to close at 6,936.09 with Conglomerates leading the advance while the Services and Mining counters lagged behind. Volume was higher at 783 million shares worth P6.12 billion as gainers edged out losers 93 to 90 with 57 unchanged.
“Philippine shares managed to eke gains as the positive CPI data from yesterday managed to carryover into the weekend. Meanwhile, US stocks dropped Thursday as investors grew wary of the U.S. economic outlook ahead of Friday’s labor report,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “Private payrolls showed their weakest growth since 2021, while jobless claims fell, raising questions about the Federal Reserve's next move.”
Philstocks Financial Research Manager Japhet Louis Tantiangco said "The local market extended its climb this Friday as investors continued to digest the Philippines’ latest inflation figures. The decline of inflation from July to August is seen to strengthen the case for the continuation of the BSP’s monetary policy easing.
"Investors also appreciated the local currency’s strengthening against the US Dollar."