STOCKS UP. The Philippine Stock Exchange index continues to gain on Tuesday (Dec. 5, 2023) after lower inflation data. The peso, meanwhile, moved sideways to close at 55.34 to a dollar. (PNA graphics)
MANILA – Local shares continued to close strong on Tuesday on last-minute bargain hunting due to lower inflation data, while the peso moved sideways.
The Philippine Stock Exchange index (PSEi) gained 24.58 points to close at 6,308.95.
All Shares, likewise, went up 4.58 points to 3,352.02.
"This Thursday, the local market rose by 24.58 points (0.39 percent) to 6,308.95 due to last-minute bargain hunting as investors cheered the deceleration of inflation at home," Philstocks Financial Inc. research and engagement officer Mikhail Plopenio said.
Headline inflation eased to a 20-month low of 4.1 percent in November.
"The local bourse was in the red territory for the most part of the day before a last-minute push from the buyers, ended the session above the 6,300 level," Plopenio said.
Half of the sectoral indices closed in the green, led by Services which gained 24.25 points.
Mining and Oil on the other hand, lost the most, dropping 100.61 points.
Losers edged gainers at 94 to 82, while 41 shares were unchanged.
The peso, meanwhile, closed at 55.32 to a dollar from Monday's 55.34 closing.
The local currency kicked off at 55.4 and traded between 55.295 and 55.445 to the greenback.
The volume of trade went up to USD1.3 billion from Monday's USD1.1 billion. (PNA)
