September 3, 2024 | 12:00am
MANILA, Philippines — Positive cues from Wall Street coupled with expectations of lower inflation in August boosted investor sentiment during the first trading day of September.
The benchmark Philippine Stock Exchange index increased by 0.38 percent or 25.87 points to finish yesterday’s session at 6,923.41.
The broader All Shares index also started the month strong, inching up by 0.23 percent or 8.6 points to 3,751.41.
Luis Limlingan of Regina Capital said sentiment got a boost from the US, which saw their equity markets close in the green over the weekend.
“Philippine shares got off to a lukewarm start for September despite several private and public institutions suspending work due to the heavy downpour,” he said.
Limlingan said that the announcement of inflation on Thursday and the unemployment numbers on Friday would be critical in shaping market sentiment and guiding policy expectations.
Philstocks Financial research manager Japhet Tantiangco said expectations that inflation eased in August compared to July’s 4.4 percent drove market sentiment.
“This comes following the Bangko Sentral ng Pilipinas’ range forecast for August inflation which is from 3.2 percent to four percent,” he said.
However, Tantiangco said trading was tepid with net value turnover registering P4.08 billion, lower than the year-to-date average of P5.01 billion.
Sectoral gauges were a mixed bag, with holding firms leading the charge with a 1.27-percent increase.
Mining and oil, meanwhile, posted the biggest drop at 2.28 percent.
Market breadth was positive as advancers edged out decliners, 105 to 84, while 56 issues were unchanged.
JG Summit Holdings Inc. led the index members as it surged by 3.62 percent, while Wilcon Depot registered the largest decline at 3.51 percent.
Be the first to comment