Shares bounce back ahead of inflation release
The local stock market bounced back after dropping two straight sessions as investors hunted for bargain stocks.
MANILA, Philippines — The Philippine stock market saw a rebound on Monday after two consecutive declines, as investors searched for undervalued stocks. The Philippine Stock Exchange index rose by 1.26 percent, or 70.75 points, to 5,694.92. The broader All Shares index also increased by 0.80 percent, or 25.31 points, to close at 3,185.15.
AP Securities attributed the market's bounce to the impending release of the country's inflation data, with the Bangko Sentral ng Pilipinas (BSP) anticipating October inflation to range between 7.1 to 8.1 percent. The benchmark index maintained its upward momentum throughout yesterday's trading session, even touching 5,700 in the afternoon.
Luis Limlingan of Regina Capital explained that the technical rebound was driven by bargain hunting among specific index components following recent market weakness. He noted that positioning ahead of the inflation print bolstered investor sentiment, as market participants awaited additional insights into the nation's inflation trend and its potential impact on the BSP's monetary policy.
Sector performances were mixed, with financials leading the gains at 3.82 percent, while holding companies experienced the steepest decline at 1.07 percent. Overall trading volume surged to P6.95 billion from the previous day's P5.27 billion. Decliners outnumbered advancers, with 97 stocks falling and 94 rising, while 61 remained unchanged.
ICTSI emerged as the most actively traded stock, climbing by 2.28 percent to P830 per share. BDO Unibank and Globe Telecom also saw notable gains and losses, surging by 2.27 percent to P121.90 and falling by 1.96 percent to P1,500, respectively.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
