Philippine Shares Rebound Ahead of Inflation Data; Peso Stabilizes

MANILA, Philippines — The local stock market bounced back amid a breather in the peso’s slide and anticipation of a slightly lower August inflation. The benchmark Philippine Stock Exchange index (PSEi) advanced by 0.27 percent, or 16.19 points, to settle at 6,069.42. The broader All Shares index also ended in the positive territory at 3,369.81, up by 0.51 percent or 17.20 points. “The local index closed higher as the dollar-peso took a slight breather, while investors remained optimistic ahead of Friday’s CPI release,” Luis Limlingan of Regina Capital said. Limlingan said the market’s upside, however, was limited by continued uncertainty surrounding the ongoing US-Iran developments. Overall, he said sentiment remained cautiously positive as investors awaited fresh inflation data for further direction. “PSEi traded in a tight range amid a quiet session, as investors await August CPI print,” AB Capital Securities said. “As the peso stabilized at its record-low 62.55 after four consecutive record breaks, and oil held around $95 per barrel, the next key test for 6,000 support will be the CPI print,” it said. All sectors were in the green, except for the services index which slipped by 0.12 percent. Leading the charge was mining and oil, which soared by 5.61 percent. Total value turnover stood at P5.24 billion, slightly lower from P5.69 billion the previous day. Advancers outnumbered decliners, 119 to 85, while 50 issues did not change hands. ICTSI was the session’s top traded stock, declining by 0.21 percent to P930.50 per share. It was followed by Ayala Land, which rose by 1.76 percent to P15, and BDO, which declined by 0.99 percent to P120.30.