Stocks up after better-than-expected May inflation data

By Anna Leah Gonzales

June 6, 2024, 7:37 pm

MANILA – The local stock market continued to gain on Thursday following the better-than-expected May 2024 inflation data, while the peso closed stronger against the US dollar.

The Philippine Stock Exchange index (PSEi) gained 68.54 points to close at 6,509.86, while All Shares, likewise, gained 36.10 points to 3,489.79.

"This Thursday, the local market rose by 68.54 points (1.06%) to 6,509.86 as investors continued to digest the Philippines’ May inflation data which remained within the government’s 2% to 4% target range," said Philstock Financials, Inc. research and engagement officer Mikhail Plopenio.

"The positive spillovers from Wall Street overnight amid a lower-than-expected jobs report in the US also helped in today’s session as it sparked Federal Reserve rate cut hopes," Plopenio added.

Except for Mining which declined by 2.07 percent, all sectors were in the green led by the Services climbing by 2.76 percent followed by the Industrials rising by 0.93 percent.

Gainers edged losers 102 to 81.

The peso, meanwhile, closed at 58.611 to a dollar on Tuesday, stronger than the 58.78 finish on Wednesday.

It opened at 58.68 and traded between 58.54 to 58.72, bringing the weighted average for the day to 58.626.

The total volume of trade rose to USD1.37 billion from USD1.31 billion the previous day. (PNA)