The local stock market bounced back as investors welcomed the country’s September inflation which fell within the forecast range of the Bangko Sentral ng Pilipinas (BSP).
The bellwether Philippine Stock Exchange index capped off yesterday’s session with a 1.39-percent or 83.51-point jump to 6,083.83.
The broader All Shares index likewise improved by 0.8 percent or 29.27 points to settle at 3,673.22.
‘The local market bounced back following its drop near the 6,000 support as investors hunted for bargains,’ Philstocks Financial research manager Japhet Tantiangco said.
Tantiangco said the market took positively the country’s latest inflation print in September, which remained benign.
Inflation quickened to 1.7 percent in September from 1.5 percent in August, but fell within the BSP’s 1.5 to 2.3 percent forecast for the month. It averaged 1.7 percent from January to September, below the government target of two to four percent for this year.
‘The favorable inflation figure supports the country’s consumer outlook and raises the possibility of further easing by the BSP,’ Tantiangco said.
All counters finished in the green, with financials leading the charge with a 2.23-percent surge.
Total value turnover declined slightly to P10.34 billion from the previous day’s P12.12 billion.
Market breadth was positive as advancers edged out decliners, 97 to 92, while 60 issues did not change hands.
ICTSI remained as the session’s top traded stock, this time climbing by 0.89 percent to P512.50 per share.
It was followed by Ayala Corp. which grew by 1.42 percent to P484.40 and URC which soared by 5.23 percent to P74.50.