Shares bounced back on Tuesday, Sept. 4, as investors placed their bets ahead of release of August inflation figures on Wednesday.
The 30-company Philippine Stock Exchange index (PSEi) climbed 0.63% or 49.6 points to 7,881.82, recovering from slight losses posted in the previous session. The broader all shares index likewise rallied 0.5% or 23.69 points to 4,795.86.
“Philippine shares managed to eke out some gains relying on the futures for some guidance with some investors making bets on inflation,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message.
Wall Street indices were closed overnight for the Labor Day Holiday, but the Dow Jones mini futures recorded a 40-point increase to 26,038. S&P 500 mini added 7.25 points, while the Nasdaq mini gained 24 points.
Investors also took into account the August inflation report to be released by the Philippine Statistics Authority. The Bangko Sentral ng Pilipinas set its target band at 5.5-6.2%, while the Department of Finance expects inflation to settle at 5.9%.
All sectoral counters finished in positive territory, led by mining and oil which picked up 1.08% or 107.20 points to 10,075.57, followed by industrial which gained 0.91% or 102.21 points to 11,325.66. Holding firms rose 0.69% or 53.32 points to 7,819.58; property went up 0.5% or 19.45 points to 3,930; services logged 0.42% or 6.42 points to 1,543.69; while financials added 0.14% or 2.59 points to 1,804.60.
Some 874.6 million issues switched hands, valued at P5.94 billion, slightly higher than Monday’s P5.6 billion.
Advancers outpaced decliners, 101 to 87, while 52 issues remained unchanged. — Arra B. Francia

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