PHILIPPINE SHARES bounced back on Monday to return above the 6,700 mark as investors snapped up bargains following a four-day market slide last week.
The main index of the Philippine Stock Exchange (PSEi) rose 1.95% or 129.04 points to end at 6,742.89 on Monday, while the broader index of all shares rose 1.35% or 50.52 points to 3,789.60.
“The local market rebounded this Monday as investors hunted for bargains following four straight days of decline,” Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
“Expectations that inflation in November will remain biased towards the lower end of the government’s target also contributed to today’s rise,” he added.
The Philippine Statistics Authority will release inflation data for November on Dec. 5 (Thursday).
A BusinessWorld a survey of 15 analysts conducted last week showed an average estimate of 2.5% for November’s consumer price index, within the central bank’s forecast of 2.2% to 3% for the month.
If possible, November’s print would have been slightly faster than the 2.3% clip in October but slower than the 4.1% in the same month last year.
This will also mark 12th The exact month in which core inflation was within the Bangko Sentral ng Pilipinas’ annual target of 2-4%.
“The good signs that Wall Street did last Friday gave the local market a boost,” said Mr. Tantiangco.
Wall Street closed higher on November 29. The Dow Jones Industrial Average Index rose 0.42% or 188.59 points to 44,910.65; the S&P 500 Index gained 0.56% or 33.64 points to 6,032.38; and the Nasdaq Composite Index rose 0.83% or 157.69 points to 19,218.17.
“Philippine stocks started last month on a strong note as investors began to look ahead to 2025,” said Regina Capital Development Corp. Head of Sales Luis A. Limlingan in a Viber message.
“On the local front, the highlight of the week is the latest consumer price index report, scheduled for Dec. 5, followed by the release of the latest unemployment rate on Dec. 6,” he added.
All industry indexes are closed on Monday. Services rose 3.53% or 71.48 points to 2,094.69; holding firms rose by 3.33% or 186.61 points to 5,787.06; the commodity rose by 0.76% or 19.11 points to 2,517.58; industrials increased by 0.61% or 55.99 points to 9,223.96; mining and oil added 0.51% or 38.66 points to end at 7,486.60; and financials rose 0.16% or 3.60 points to 2,258.26.
Value turnover decreased to P4.65 billion on Monday with 386.31 million shares traded from P5.8 billion and 405.66 million shares traded on Friday.
Advancers are the best rejecters, 109 against 80, while 55 names are unchanged.
Total exports fell to P77.68 million on Monday from P1.25 billion on Friday. – Revin Mikhael D. Ochave
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