2 weeks ago
4
The Philippine Stock Exchange index (PSEi) recovered some ground but settled below the day’s high as investors bet on a lower inflation rate to be announced on Wednesday.
The main index added 39.22 points or 0.65 percent to close at 6,037.19 as conglomerates led the advance while the services and industrial counters declined further. Volume rose to 1.62 billion shares worth ₱10.45 billion as losers still beat gainers 120 to 75 with 55 unchanged.
“Philippine shares made modest gains following the sentiment of regional markets and with the quarterly MSCI rebalancing concluding last week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “This week’s key US data includes February’s jobs report on Friday, with PMIs signaling weaker hiring and potential public sector job losses. ISM and S&P PMI data will offer further business insights.”
Here at home, the highlight is the consumer price index (CPI) release on March 5, alongside the S&P Global Manufacturing PMI (March 3), PPI (March 4), unemployment rate (March 6), and gross international reserves level (March 7).
Philstocks Financial Research Manager Japhet Tantiangco said, “The local market bounced back after two straight days of losses as investors hunted for bargains, backed by optimistic expectations towards the Philippines’ February inflation.”
He noted that, “Satisfactory 2024 corporate results also helped in pushing the market higher this Monday. Gains were trimmed in the final minutes however as investors maintained a cautious stance amid lingering uncertainties abroad.”
