Philippine Stocks Rise on Peso Respite Ahead of Inflation Data

MANILA, Philippines — Philippine stocks edged higher on Thursday as the peso paused from its record slide, with investors awaiting August inflation data. The benchmark Philippine Stock Exchange Index (PSEi) rose 0.27 percent, or 16.19 points, to close at 6,069.42. Luis Limlingan, head of sales at Regina Capital Development Corp., said the market drew support from the slight respite in the peso and optimism ahead of Friday’s consumer price index (CPI) report. Still, uncertainty surrounding developments between the United States and Iran capped the gains. “Overall, sentiment remained cautiously positive as investors awaited fresh inflation data for further direction,” Limlingan said. AB Capital Securities Inc. likewise said the PSEi traded within a tight range during a quiet session. Additionally, investors are expecting August inflation at 6.1 percent, slightly slower than the 6.2 percent recorded in July. The brokerage said the next key test for the PSEi’s 6,000 support level would be the inflation print. Meanwhile, the peso stood at P62.52 against the US dollar, up 0.06 percent, after a string of record lows. Oil prices, meanwhile, remained around $95 per barrel. Market turnover was thin at P4.26 billion, net of extraordinary block sales. On one hand, foreign investors remained on the selling side, with net outflows of P342 million. Most sectoral gauges advanced. Mining and oil led with a 5.61-percent jump, followed by property at 0.77 percent and industrial at 0.75 percent. Holding firms gained 0.43 percent, while financials added 0.14 percent. Services was the lone decliner, slipping 0.12 percent. Semirara Mining and Power Corp. was the top index gainer, surging 5.56 percent to P17.10. Universal Robina Corp. was the biggest index laggard, falling 2.32 percent to P59. The broader market was positive, with 119 gainers beating 85 decliners. /pai