Index extends winning run, approaches 8,000

MANILA, Philippines — Share prices stayed in positive territory yesterday, taking the cue from other Asian stocks and still savoring the rosy August inflation numbers.

The benchmark Philippine Stock Exchange index ended higher by 35.28 points or 0.44 percent to finish at 7,933.47.

Likewise, the broader All Shares index rose 10.74 points or 0.22 percent to end at 4,785.02.

Most sectoral indices went up except for mining and oil and the financials gauges.

Total value turnover reached P7.65 billion. Market breadth was positive as well, 96 to 91 while 46 issues were left unchanged.

Traders said the market is still benefitting from renewed optimism brought about by the positive inflation numbers for August.

Inflation reached a three-year high in August, hitting 1.7 percent or slower than the 2.4 percent in July and a marked improvement from the 6.4 percent recorded a year ago.

The Philippine Statistics Authority (PSA) said this was due to slower annual increase in the index of the heavily-weighted food and non-alcoholic beverages.

August inflation was lowest since August 2016, when inflation stood at 1.3 percent.

Aside from the rosy inflation numbers, traders said market investors also have renewed hopes on the US-China negotiations.

The US and China have agreed to hold trade talks in Washington early next month, officials from both countries said on Thursday.