Latest data show below-consensus inflation in September but the food component, the biggest in the consumer price index, is a risk seen ramping up in the final three months of the year. bob dungo jr.
The Philippine Stock Exchange index leapt 159.05 points to end Friday trading up 2.11 percent to 7,704.60 on the back of developments in the international and local fronts, led by the country’s better-than-expected inflation print in September.
Inflation, or the increase in the prices of goods, further cooled down to 0.9 percent in September from 1.7 percent in August, and a high of 6.7 percent a year ago in September, 2018. This was prompted by declining rice prices, one of the main drivers of the record-high inflation last year.
The local bourse’s all shares index likewise rose 1.56 percent to 4,675.60. All sub-sectoral indices booked gains, with the property sector finishing higher by 2.91 percent.
“With inflation falling below consensus estimates, and the probability of the United States’ rate cut increasing, investors finally turned into bargain hunters to end the last trading session for the week,” head of sales for Regina Capital Development Corp. Luis Limlingan said.
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“Stocks reversed dramatically, recovering from two days of losses, as investors bet that signs this week of a slowing economy will prompt the Federal Reserve to lower interest rates for the third time this year at its late October meeting.”
Key markets in the US increased, with the Dow Jones Industrial Average gaining 0.47 percent overnight to 26,201.04. The S&P 500 was up 0.80 percent at 2,910.63 while the Nasdaq Composite added 1.12 percent to 7,872.26.
Meanwhile, the PSE’s financials index ended the session up 3.03 percent, followed by the property index which recovered 2.91 percent after falling due to the crackdown on POGO firms. The mining and oil index climbed 2.05 percent while the holding firms index rose 1.58 percent, the industrial index increased 1.34 percent and the services index added 0.53 percent.
Advancers led decliners, 112 to 60, while 46 names were unchanged. Still, analyst for P2P Trade Online Gabriel Perez said the P5.1 billion volume from the rally remains relatively low.
