The Philippine Stock Exchange index (PSEi) continued to climb as investor sentiment was buoyed by a flurry of positive corporate earnings reports and a flat United States (US) inflation rate, which could influence the Federal Reserve’s decision on a rate cut.

The main index rose by 35.24 points, or 0.56 percent, to close at 6,325.09 on Wednesday, Aug. 13. Conglomerates led the advance, while the Services and Mining sectors retreated. Volume increased to 893 million shares valued at ₱10.61 billion, with gainers outnumbering losers 103 to 91, and 58 stocks remaining unchanged.

“The PSEi was up as investors’ confidence was renewed after the index’s strong performance yesterday and the influx of more corporate earnings reports,” said Luis Limlingan, Managing Director at Regina Capital Development Corp.

He added, “Sentiment was also lifted by the steady U.S. inflation report, which could influence the Fed’s monetary policy and overall investor sentiment in the country.”

Additionally, major U.S. indices advanced yesterday, with the S&P 500 posting a record close as U.S. investors were also encouraged by the latest CPI figures.

Philstocks Financial Research Manager Japhet Tantiangco noted, “The local market extended its rise this Wednesday on the back of positive cues from Wall Street.”

“This comes as the U.S.’ July inflation rate came in at 2.7 percent, unchanged from the prior month and below expectations, raising hopes that the Federal Reserve will cut policy rates in their next meeting.”