PHILIPPINE SHARES climbed further on Tuesday as market sentiment was boosted by strong corporate results and optimism that inflation eased in February.
The bellwether Philippine Stock Exchange index rose by 0.44% or 26.92 points to close at 6,064.11, while the broader all shares index increased by 0.24% or 8.84 points to 3,628.96.
“The local market extended its rise, backed by investors’ appreciation of robust corporate results,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
“Optimistic expectations towards the Philippines’ February inflation print also helped in today’s climb,” he added.
Many listed companies have reported strong financial results, with most banks posting record profits in 2024 as the elevated interest rate environment boosted their revenues.
Meanwhile, the Philippine Statistics Authority will release February inflation data on Wednesday (March 5).
A BusinessWorld poll of 18 analysts yielded a median estimate of 2.6% for the February consumer price index (CPI), within the Bangko Sentral ng Pilipinas’ 2.2%-3% forecast for the month. This would be slower than the 2.9% in January. It would also be the lowest print in four months or since the 2.3% posted in October last year.
“The local bourse extended gains as investors seized bargain-hunting opportunities ahead of the CPI release,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
Majority of sectoral indices closed higher on Tuesday. Mining and oil surged by 3.72% or 291.92 points to 8,129.20; financials climbed by 1.27% or 29.02 points to 2,310.48; services increased by 0.72% or 14.02 points to 1,942.52; and industrials went up by 0.49% or 42.15 points to 8,631.33.
Meanwhile, property declined by 0.12% or 2.61 points to 2,167.86 and holding firms went down by 0.07% or 3.61 points to 5,101.61.
“ACEN Corp. led the index members, rising 3.29% to P3.14. Jollibee Foods Corp. was the worst index performer, declining 2.33% to P252.00,” Mr. Tantiangco said.
Value turnover decreased to P7.09 billion on Tuesday with 907.59 million shares traded from the P10.45 billion with 1.62 billion issues exchanged on Monday.
Advancers outnumbered decliners, 107 versus 84, while 49 names were unchanged.
Net foreign selling stood at P266.33 million on Tuesday, a reversal of the P293.79 million in net buying recorded on Monday.
Meanwhile, stocks fell and bond yields slid on Tuesday in Asia with investors ducking for cover as new US tariffs on Canada, Mexico and China took effect, threatening to escalate global trade tensions, Reuters reported.
However, Asian stocks pared initial steep losses, finding some comfort in the measured reaction from US President Donald J. Trump’s tariff targets, although Beijing did immediately announce reciprocal tariffs, as did Ottawa. — R.M.D. Ochave with Reuters
