Wed, 05 Oct 2022

Stocks, peso up on US slower inflation

11 Aug 2022, 19:57 GMT+10

MANILA - The local stock barometer ended higher Thursday partly due to the report of the slower July 2022 inflation in the United States while the peso gained against the US dollar.
The Philippine Stock Exchange index (PSEi) gained 3.23 percent, or 208.84 points, to 6,680.68 points.
All the other counters tracked the main gauge, with All Shares up by 2.57 percent, or 89.06 points, to 3,550.57 points.
Property led the sectoral gauges with a jump of 4.46 percent and was trailed by Holding Firms, 3.25 percent; Services, 3.20 percent; Industrial, 2.51 percent; Mining and Oil, 2.14 percent; and Financials, 1.75 percent.
Volume remained thin at 917.3 million shares amounting to PHP8.63 billion.
Advancers surpassed decliners at 144 to 51, while 43 shares were unchanged.
"Philippine shares staged a furious rally, buoyed by the better-than-expected July US CPI (consumer price index)," said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.
US' July 2022 inflation rate decelerated to 8.5 percent, slower than expectations of around 8.7 percent and the 9.1 percent print last June, the highest since November 1981.
Limlingan said the latest inflation print in the US raises the question on whether it has peaked for the year.
While the US rate of price increases posted a lower figure last July, the price of oil in the international market increased overnight due to increased demand, a turn-around from its slide in the past days.
He said Brent crude oil futures increased by 0.7 percent to USD96.99 per barrel and US West Texas Intermediate (WTI) by 0.9 percent to USD91.33 per barrel.
Meanwhile, the local currency gained against the greenback and finished the day at 55.3 from 55.665 a day ago.
It opened the trade on an improved level at 55.45 compared to the 55.67 start in the previous session.
The peso traded between 55.58 and 55.3, resulting in an average of 55.474.
Volume rose to USD989.5 million from USD871.6 million a day ago. (PNA)

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