MANILA -- The Philippine Stock Exchange index (PSEi) gained for a second consecutive day on Thursday while the peso ended flat although a tad weaker due to lingering global growth issue as well as trade concerns.
The main stocks gauge rose 0.73 percent, or 57.33 points, to 7,898.19 points.
BPI Research attributed the gains to the deceleration of domestic inflation rate to 1.7 percent last August from month-ago’s 2.4 percent.
It said last August’s inflation rate is lower-than-expected, with the average in the first eight months this year at 3 percent, the mid-point of the government’s 2 to 4-percent target band until 2021.
BPI Research said investors took note of the positive trade developments after China’s Ministry of Commerce confirmed during the day a ministerial-level trade meeting between China and the US in early October.
With these news, All Shares tracked the rise of the main gauge after it increased by 0.43 percent, or 20.51 points, to 4,774.28 points.
Property posted the highest jump among the sectors at 0.96 percent, followed by the Services, 0.83 percent; Holding Firms, 0.82 percent; Financials, 0.59 percent; and Industrial, 0.19 percent.
Only the Mining and Oil finished in the red after it fell 3.66 percent.
Volume thinned to 869.68 million shares from over a billion a day ago while value amounted to PHP7.11 billion.
Advancers led decliners at 113 to 77, while 53 shares were unchanged.
Also, the local currency ended the day at 52.01 against the greenback from the previous day’s 51.935 close.
A trader said the drop in the August 2019 inflation rate has “little impact” on the foreign currency trading since it is widely expected to decelerate.
It opened the day at 51.885, better than the previous day’s 52.25 start.
It traded between 52.02 and 51.81, resulting in an average of 51.883.
Volume reached USD1.45 billion, higher than day-ago’s USD1.28 billion.
The currency pair is seen to trade between 51.90 and 52.10 Friday. (PNA)
