Stocks climb on expectations of slower inflation

PHILIPPINE SHARES extended their climb on Monday on expectations of slower headline inflation in December and as bargain hunting continued.

- — A.G.C. Magno

The Philippine Stock Exchange index (PSEi) went up by 0.48% or 29.47 points to end at 6,164.53, while the broader all shares index increased by 1.04% or 36.69 points to 3,553.74.

“The local market rose as investors continued with their bargain hunting. Expectations that inflation remained benign last December helped in Monday’s climb,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

The Philippine Statistics Authority will release December inflation data on Tuesday (Jan. 6).

A BusinessWorld poll of 14 analysts yielded a median estimate of 1.4% for December headline inflation, within the Bangko Sentral ng Pilipinas’ (BSP) 1.2%-2% forecast.