MANILA – The Philippines’ equities market and the peso ended Tuesday up following the report about another drop in domestic inflation rate in October 2019.
The Philippine Statistics Authority (PSA) reported during the day the slide of rate of domestic price increases to 0.8 percent from month-ago’s 0.9 percent, bringing the 10-month average to 2.6 percent, within the government’s 2-4 percent target band.
This was traced as the reason for the risk-on sentiment that lifted the Philippine Stock Exchange index (PSEi) by 1.95 percent, or 157.03 points, to 8,216.68 points.
All Shares gained 1.15 percent, or 55.67 points, to 4,887.37 points.
Holding Firms registered the highest increase among the sectors with an uptick of 3.20 percent.
It was trailed by Property with 1.27 percent, Financials, 1.10 percent; Services, 1.09 percent; and Industrial, 0.24 percent.
Only the Mining and Oil ended on the red after dropping by 1.78 percent.
Volume was thin at 651.15 million shares amounting to PHP9.55 billion.
Relatively, the local currency gained against the greenback after closing the day’s trade at 50.41 from 50.5 finish Monday.
It opened the day sideways at 50.55 from 50.57 in the previous day.
It strengthened to as much as 50.40 but also dipped to 50.63, resulting to an average of 50.543.
Volume reached USD1.19 billion, higher than the USD869.5 million a day ago. (PNA)
