MANILA, Philippines — The stock market managed to stay afloat yesterday as investors cheered the latest inflation data, analysts said.
The benchmark Philippine Stock Exchange index (PSEi) continued to climb, gaining another 17.51 points, or 0.25 percent, to settle at 6,884.77.
Likewise, the broader All Shares index rose by 5.81 points, or 0.14 percent, to end at 4,094.87.
Most sectoral indexes ended in positive territory except for the property index as investors remained jittery over the prospects of the offshore gaming industry. Philippine offshore gaming operators are now being investigated by the Senate.
Total value turnover reached P6.021 billion. Market breadth was positive with 97 gainers and 76 losers,while 57 issues were left unchanged.
Inflation saved the day as it eased to 2.6 percent in February, lower than the 2.9 percent recorded in the previous month and the 3.8 percent inflation in February 2019.
This brings year-to-date inflation to 2.8 percent, within the government’s target range of two to four percent for the year.
Despite the lower inflation, the government said it continues to be wary of the negative effects of the coronavirus disease 2019 (COVID-19).
“While inflation is expected to remain well within the target for this year, government must not be complacent and ensure that strategies are well-positioned against risks brought by continuous spread of African swine fever (ASF), tighter rice supply from Thailand, and the on-going COVID-19,” said Socioeconomic Planning Secretary Ernesto Pernia.