PSEi up on lower inflation
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Wed, 06 Feb 2019 04:54:07 +0000
THE stock market climbed to the 8,200 level in early trading on Wednesday as market players took heart from the lower inflation and expectations of unchanged policy rates.
At the noon break, the benchmark Philippine Stock Exchange index (PSEi) rose by 1.68 percent or 135.65 points to 8,205.13. The broader All Shares grew by 1.34 percent or 65.69 points to 4,958.23.
Philstocks Financial Inc. research associate Piper Tan said that investors cheered the lower inflation in January, which would prompt the Bangko Sentral ng Pilipinas (BSP) to keep interest rates unchanged during their Monetary Board meeting on Thursday.
The Philippine Statistics Authrotiy (PSA) announced on Wednesday that consumer prices in January eased to a 10-month low of 4.4 percent from the 5.1 percent posted in December, settling within the 4.3-5.1 percent forecast of the BSP.
All sectoral results were in the green, with the mining and oil index up the most by 1.87 percent.
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