The local stock market climbed for a second straight session, buoyed by the country’s August labor market data.
The benchmark Philippine Stock Exchange index rose by 0.25 percent or 14.91 points to end at 6,098.74 yesterday.
The broader All Shares index also advanced by 0.31 percent or 11.43 points to 3,684.65.
RCBC chief economist Michael Ricafort said the market was boosted after a generally better local employment data.
The Philippine Statistics Authority reported yesterday that unemployment rate dropped to 3.9 percent in August from 5.3 percent in July.
Ricafort said investors also continued to digest the better-than-expected local inflation data at 1.7 percent, which was below the Bangko Sentral ng Pilipinas (BSP)’s inflation target range and could still support a possible 25-basis-point rate cut.
Economists are divided on whether the BSP will deliver another rate cut today or hold fire, against a backdrop of subdued inflation and still-soft growth momentum.
The BSP has so far cut policy rates by a total of 150 basis points since August 2024, bringing the benchmark rate to five percent.
Sectoral gauges were a mixed bag, with mining and oil posting the highest jump at 4.91 percent, while financials lost the most with a 1.09-percent decline.
Total value turnover thinned to P6.38 billion from the P10.35 billion recorded the previous day.
Market breadth stayed positive as advancers edged out decliners in a tight contest, 94 to 92, while 65 issues were unchanged.
ICTSI was again the session’s most actively traded stock, rising by 3.02 percent to P528 per share, followed by Philex Mining with a 12.22-percent increase to P10.10.