“Earnings anticipation and contained inflation extended the local market’s gains,” Philstocks Financial Inc. said in a market comment.
The Philippine Statistics Authority reported on Wednesday that inflation settled at 2.9 percent in January, the highest since the 2.7 percent in June 2019. It was higher than the previous month’s 2.5 percent, but lower than the 4.4 percent in the same month in 2019.“We will see some profit taking toward the end of the week as fears of the pandemic persists,” AAA Equities head of research Christopher Mangun said.
Wall Street was up. Dow Jones, S&P 500 and Nasdaq rose by 1.44 percent, 1.50 percent and 2.10 percent, respectively. In Asia, Tokyo surged 1.02 percent, Shanghai spiked 1.25 percent, Hong Kong inched up 0.33 percent, Seoul added 0.36 percent, Jakarta rose 0.25 percent, Singapore increased 1.12 percent and Thailand jumped 0.03 percent. Vietnam, meanwhile, slid 0.34 percent.
In Manila, all sectors ended in the green, with financials and property taking the lead at 2 percent and 1.98 percent, respectively.Winners led losers, 110-74, while 48 issues were unchanged.
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