Shares bounce back ahead of inflation release

MANILA, Philippines — The local stock market bounced back after dropping two straight sessions as investors hunted for bargain stocks.

The Philippine Stock Exchange index climbed by 1.26 percent or 70.75 points to 5,694.92.

The broader All Shares index also advanced by 0.80 percent or 25.31 points, finishing at 3,185.15.

AP Securities said Philippine shares rebounded ahead of today’s inflation release, with the Bangko Sentral ng Pilipinas (BSP) projecting October inflation at 7.1 to 8.1 percent.

It said the benchmark index stayed above its previous close throughout yesterday’s session and even tested 5,700 in the afternoon trading.

Luis Limlingan of Regina Capital attributed yesterday’s technical rebound on the emergence of bargain hunting across select index heavyweights following recent market weakness.

Limlingan said positioning ahead of the upcoming inflation print supported investor sentiment, as market participants await further indications of the country’s inflation trajectory and its potential implications for the BSP’s monetary policy direction.

Sectors were mixed, with financials posting the biggest gain at 3.82 percent, while holding firms lost the most at 1.07 percent.

Total value turnover improved to P6.95 billion from the previous day’s P5.27 billion.

Decliners edged out advancers, 97 to 94, while 61 issues did not change hands.

ICTSI was the session’s most actively traded stock, rising by 2.28 percent to P830 per share. It was followed by BDO Unibank, which surged by 2.27 percent to P121.90, and Globe Telecom, which fell by 1.96 percent to P1,500.