MANILA – The Philippine Stock Exchange index ended the week up due to bargain hunting and the peso stayed firm against the greenback.
The main equities gauge rose 1.67 percent, or 115.43 points, to 7,019.18 points.
All Shares increased by 1.24 percent, or 51.47 points, to 4,216.80 points.
All the sectoral indexes also ended the week up, led by the Property, which rose 2.34 percent.
Holding Firms jumped by 1.70 percent; Industrial, 1.39 percent; Financials, 1.36 percent; Mining and Oil, 1.31 percent; and Services, 0.005 percent.
Volume totaled 19.76 billion shares amounting to PHP9.21 billion.
Gainers led losers at 123 to 76 while 56 shares were unchanged.
“Investors brushed aside the latest CPI (consumer price index) print and continued with the bargain hunting following overseas market,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
The government reported during the day the breach of its 2-4 percent inflation target until 2024 last January when the figure hit 4.2 percent, the highest after the 3.8 percent in February 2019, due to faster rate of price increase of some food items and fuel products.
The spike of inflation rate last January is the fourth consecutive month of acceleration but the Bangko Sentral ng Pilipinas (BSP) said this remains transitory.
Also, the peso continued with its sideways finish against the greenback after closing the day’s trade at 48.07 from 48.08 to a US dollar a day ago.
It opened the day at 48.1 and traded between 48.11 and 48.07. Average level for the day stood at 48.09.
Volume totaled USD606.05 million, lower than the USD1.16 billion a day ago. (PNA)
