Positive data cue slight index gain

The local bourse remained in the green on the last trading day of the week after it gained 9.11 points to 5,904.75, marginally higher by 0.15 percent than Thursday’s close,

In a text message, Philstocks Financial, Inc. assistant manager for research and online engagement Claire Alviar said the upward movement of local shares, although minimal, was driven by positive cues from the United States Markets overnight.

“Asian markets, including the PSEi, jumped this Friday, ignoring the strong inflation report in the US,” she said.

Inflation surges

Shares managed to close with moderate gains despite the hotter-than-expected US September inflation reading, Regina Capital Development Corp. managing director Luis Limlingan said.

The consumer price index increased 0.4 percent for the month, more than the 0.3 percent estimate from Dow Jones.

Oil prices settled higher, as low levels of diesel inventory ahead of winter triggered buying and reversed early losses that followed higher-than-expected stocks of crude and gasoline.

On Friday, net market value turnover improved to P4.30 billion, an improvement from below P3 billion the other day.

Moreover, the net foreign buying of P513.21 million helped lift the market.

Sectors were mixed with Services and Holdings in the red territory while Properties led the gainers, up by 1.85 percent.

Among index members, Robinsons Land Corporation was at the forefront after it surged 7.55 percent, while Int’l Container Terminal Services, Inc. lost the most, which dropped 4.61 percent.

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