RISK-ON. Investors continue to buy on bargains ahead of the release of the July 2022 inflation data. The good turn-out in the local bourse was mirrored by the local currency after it recovered against the US dollar. (PNA file photo)

MANILA – The main stocks index sustained its rally on Thursday, a day before the release of the July 2022 domestic inflation rate, while the peso recovered against the greenback. 
 
The Philippine Stock Exchange index (PSEi) rose by 0.82 percent, or 53.03 points, to 6,483.11 points. 
 
All Shares followed with a 0.73 percent, or 24.93 points, rise to 3,461.76 points. 
 
All the sectoral gauges also gained during the day, led by Services after it increased by 1.34 percent. 
 
It was trailed by Industrial, 1.07 percent; Property, 0.85 percent; Financials, 0.75 percent; Holding Firms, 0.29 percent; and Mining and Oil, 0.18 percent. 
 
Volume, however, remained thin at 591.26 million shares amounting to PHP5.84 billion. 
 
Advancers surpassed decliners at 98 to 78, while 49 shares were unchanged. 
 
“Philippine shares were bought as investors picked up heavily beaten stocks ahead of the latest Philippine CPI (consumer price index) print tomorrow, and with the rising US-China tension at the backseat,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales. 
 
Limlingan said positive sentiments were also boosted by the statement of St. Louis Federal Reserve president James Bullard, who discounted a recession in the US due to job increases and low unemployment figures. 
 
He added oil prices continue to slide due in part to the unexpected rise in US’ stockpiles last week and after the Organization of the Petroleum Exporting Countries Plus (OPEC+) announced its plan to increase oil output by 100,000 barrels per day. 
 
Meanwhile, the local currency gained against the US dollar after it finished the day at 55.6 from 55.74 a day ago. 
 
It opened the day at 55.68, weaker than its 55.55 start in the previous session. 
 
It traded between 55.775 and 55.58, resulting in an average of 55.712. 
 
Volume reached USD986.6 million, higher than the previous session’s USD922.1 million. (PNA)