Stocks cheer slower inflation results for January in Philippines

The stock market continued its ascent yesterday after domestic inflation was reported to have slowed down in January.

The benchmark Philippine Stock Exchange index or PSEi extended its winning streak to a third consecutive session, rising by 0.40 percent or 27.04 points to 6,755.26.

The broader All Shares index settled at 3,539.05, up 0.39 percent or 13.91 points.

'Philippine shares managed to overcome the weaker sentiment from the US, as inflation fell below the three percent mark in January, giving the BSP much more room to maneuver its interest rate policy,' said Luis Limlingan of Regina Capital.

Philstocks Financial in a report said investors cheered inflation data for January which came in at 2.8 percent.

It said adding further to the positive sentiment was the report from Moody's Analytics wherein it sees the Philippine economy performing better in the second half of the year amid cooling inflation and declining interest rates.

Local gauges finished mostly in the green, led by services which climbed 1.16 percent.

The financials index was the sole loser, dropping 0.47 percent.

Advancers and decliners were tied at 93 apiece, while 57 stocks were unchanged.

At P4.61 billion, net market value turnover was higher than the year-to-date average of P4.47 billion, according to Philstocks Financial.

It said foreigners were net buyers with net inflows amounting to P44.45 million.