Daily TribuneShares managed to eke gains as the positive CPI data from yesterday managed to carry over into the weekend.
Stock market numbers are displayed at the New York Stock Exchange during afternoon trading on 5 September in New York City. Stocks closed with a loss with the Dow Jones dipping under 200 points ahead of Friday’s US economy labor report and labor market data that was weaker than expected.
Michael M. Santiago/Getty Images/Agence France-Presse
The trading week ended in green for the Philippine Stock Exchange which climbed by 28.12 points, or 0.41 percent, to close at 6,936.09.
Most sectors gained, with Holding firms strengthening the most at 0.96 percent, followed by Banking, up by 0.89 percent and Properties by 0.87 percent.
Services and Miners indices were the only losers, down by 0.82 percent and 0.15 percent, respectively.
Philstocks Financial Inc. senior research analyst Japhet Tantiangco said the slower inflation in August might strengthen the case for the continuation of the Bangko Sentral ng Pilipinas’ easing of monetary policy.
He added that the peso strengthening against the US dollar also boosted the sentiment.
Small gains
“Philippine shares managed to eke gains as the positive CPI data from yesterday managed to carry over into the weekend,” Regina Capital Development Corp. head of sales Luis Limlingan said.
“Meanwhile, US stocks dropped Thursday as investors grew wary of the U.S. economic outlook ahead of Friday’s labor report. Private payrolls showed their weakest growth since 2021, while jobless claims fell, raising questions about the Federal Reserve’s next move,” he added.
The net market value turnover was P5.85 billion, with Advancers exceeding Decliners at 93 to 90.
The peso closed at P55.90 from $1.
