THE MAIN INDEX rose to the 6,500 level for the first time in almost a month on Thursday to join its regional peers’ climb and ahead of the release of June inflation data.
The benchmark Philippine Stock Exchange index (PSEi) went up by 0.89% or 57.46 points to end at 6,507.49 on Thursday, while the broader all shares index climbed by 0.59% or 20.74 points to close at 3,515.87.
“The local market joined its Asian peers in the green territory. The region took cues from the S&P 500 and the Nasdaq record performances overnight,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.
“Aside from the positive spillovers, foreign inflows also aided the local bourse’s climb as foreigners were net buyers,” he added.
Net foreign buying climbed to P463.4 million on Thursday from P22.09 million on Wednesday.
“Philippines shares climbed past the 6,500 market ahead of the June consumer price index (CPI) release [on Friday] and despite the US celebrating its July 4 holiday,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
“The local bourse was driven by bargain hunting and positive cues from Wall Street. This led the PSEi to join its neighboring peers especially Japan with the Nikkei reaching an all-time high,” Mr. Limlingan said.
Asia stocks hit 27-month highs on Thursday as softer US data narrowed the odds on a September rate cut there, boosting bonds and commodities while dragging on the dollar, Reuters reported.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9% to reach its highest since April 2022.
Japan’s Nikkei climbed 0.9% to within spitting distance of its March peak, while the broader Topix clinched all-time highs.
S&P 500 futures and Nasdaq futures were steady after reaching another record overnight in the wake of soft economic data.
Meanwhile, the Philippine Statistics Authority will release June CPI data on Friday (July 5).
A BusinessWorld poll of 14 analysts yielded a median estimate of 3.9% for June headline inflation, within the 3.4-4.2% forecast of the Bangko Sentral ng Pilipinas.
If realized, this would match the 3.9% print in May. It will also be slower than the 5.4% recorded in the same month last year.
Almost all sectoral indices ended higher. Services rose by 1.78% or 36.08 points to 2,057.79; financials went up by 1.72% or 33.18 points to 1,962.18; mining and oil increased by 1.11% or 94.39 points to 8,601.47; property added 0.59% or 15.15 points to close at 2,546.83; and industrials climbed by 0.02% or 2.60 points to 9,084.48.
Holding firms went down by 0.03% or 2.03 points to 5,525.86.
Value turnover went up to P4.51 billion on Thursday with 512.49 million issues switching hands from the P3.93 billion with 263.93 million shares traded on Wednesday.
Advancers beat decliners, 90 versus 83, while 62 names ended unchanged. — R.M.D. Ochave with Reuters
