5 days ago
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The PSEi’s winning streak is in its 6th day as investors hopes for a rate cut has been revived after the inflation rate eased.
The main index rose by 62.48 points or 0.99 percent to close at 6,360.77 as Miners led all sectors higher. Volume was relatively steady at 627 million shares worth P6.41 billion as gainers beat losers 122 to 76 with 48 unchanged.
“Philippine shares continued their recovery, getting a boost from the better than expected CPI reading and strengthening peso,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Investors also came into the market after US equities bounced back on Friday. Despite a weaker-than-expected jobs report which indicated a slowing economy and temporarily caused Treasury yields to drop, investors largely ignored the data.”
Meanwhile key economic event this week in the US is the CPI report on Wednesday, which could influence market expectations ahead of the March FOMC meeting.
Locally, key data releases include December FDI (March 11) and January cash remittances (March 14), both of which could provide insights into investment trends and consumer spending.
Philstocks Financial Research Manager Japhet Tantiangco said "The local bourse rose still on hopes that the BSP will further ease its monetary policies following the significant slowdown in our inflation last February. Robust 2024 corporate results also helped in sustaining the market's climb."
