Slower April inflation boosts stock market to near-four-month high

A slower inflation in April has continued to boost investor sentiment, enabling the local stock market to reach its highest level in nearly four months with a 0.73 percent rise on May 7th.

The benchmark Philippine Stock Exchange index closed at 6,465.45, surpassing the previous high of 6,418.69 reached on May 6th.

Philstocks Financial research manager Japhet Tantiangco attributed the market gains to sustained positive sentiment brought by April's inflation rate of 1.4 percent and progress in US-China trade relations.

The industrial sector led the way with a 1.36 percent increase, followed closely by services with a 1.18-percent uptick, while trading was robust with net value turnover at P7.85 billion.

ICTSI saw a significant increase of 2.13 percent to P383 per share, and BDO followed with a 4.89-percent rise to P165.20, reflecting strong foreign buying activity.