MANILA – The Philippine Stock Exchange index (PSEi) exceeded the 6,600 level on Thursday, while the peso closed sideways ahead of the inflation report.
The PSEi surged by 103.64 points to 6,602.52, with All Shares increasing by 35.52 points to 3,485.76.
"The index surged above the 6,600 level and reached its highest close in more than five months as investors positioned ahead of the release of the Philippine December inflation print on Friday," China Bank Capital Corp. managing director Juan Paolo Colet said.
"The PSEi bucked the fall of most Asian markets as traders bought up local stocks on expectations that domestic headline inflation last month cooled to 4 percent, which is within the BSP's target inflation range," Colet added.
Except for Mining and Oil, all sectors closed in the green territory.
Net value turnover for the day stood at PHP4.53 billion.
Meanwhile, the peso closed sideways to 55.50 to a dollar from 55.57 on Thursday.
The peso opened the day 55.75 before trading between a low of 55.47 to a high of 55.78.
The weighted average level for the day stood at 55.62 to the greenback.
The trade volume went down to USD1.72 billion from USD1.88 billion the previous day. (PNA)
