Manila – The Philippine stock market witnessed a strong close on Tuesday, driven by last-minute bargain hunting following the release of lower inflation data, while the peso ended the day with minimal change. The Philippine Stock Exchange index (PSEi) rose by 24.58 points to settle at 6,308.95, and the All Shares index also increased by 4.58 points to 3,352.02.
According to Philippines News Agency, research and engagement officer at Philstocks Financial Inc., the market’s rise of 0.39 percent to 6,308.95 was buoyed by investor optimism over the country’s slowing inflation rate, which dropped to a 20-month low of 4.1 percent in November.
The stock market remained in negative territory for most of the day before a last-minute surge from buyers pushed it above the 6,300 level. Half of the sectoral indices concluded in positive territory, with the Services sector leading the gains with an increase of 24.25 points. In contrast, the Mining and Oil sector experienced the most significant drop, losing 100.61 points. The number of declining stocks slightly outnumbered the advancing ones, with 94 losers against 82 gainers, while 41 shares remained unchanged.
The peso, on the other hand, closed almost unchanged at 55.32 against the US dollar, compared to Monday’s close of 55.34. The local currency started the day at 55.4 and fluctuated between 55.295 and 55.445 against the dollar. Additionally, the volume of trade increased to USD 1.3 billion, up from USD 1.1 billion on Monday.