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Home Business Top Business PSEi soars over 2%, breaks 7600 level

PSEi soars over 2%, breaks 7600 level

 

THE country’s stock market surged to the 7,600 territory on Thursday, with investors said to be taking positions ahead of the release of the government’s inflation data.

The Philippine Stock Exchange index (PSEi) jumped by 2.56 percent or 191.40 points to finish at 7,680.60. The wider All Shares increased 1.98 percent or 89.61 points to finish at 4,610.28.

In a phone interview, First Grade Finance Inc. President Astro del Castillo said market players bought after being buoyed by expectations of a lower inflation rate.

 


Official figures for December inflation will be announced by the Philippine Statistics Authority today, and the Bangko Sentral ng Pilipinas expected it to ease within the 5.2-6.0 percent range.

P2P Trade Online sales associate Gabriel Jose Perez said net foreign buying, coupled with the rally in the MSCI’s Philippines Exchange Traded Funds, rose by 2.37 percent overnight.

The inflow of foreign funds may have also helped lift the index, he added.

Foreigners turned buyers on Thursday, loading P3.7 billion and disposing P3.5 billion for a net foreign buying position of P196.7 million.

“With the index closing just below the area of its resistance level of 7,700, [a] key catalyst to look out for, especially for tomorrow (Friday) would be the…inflation figure,” Perez said.

“Consensus predicts a figure of 5.7 percent, so a print significantly lower than this could give the index reason to surge to its next resistance area at 7,900,” he added.

Sectoral results all closed up, with the mining and oil index up the most by 3.96 percent.

More than 985 million issues valued at P7.16 billion were traded.

Winners led losers, 135 to 61, while 44 issues were unchanged.

 

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