PSEi closes higher on September's lower-than-expected CPI

On Friday, October 4, 2024, the Philippine Stock Exchange index (PSEi) closed higher following better-than-expected September inflation data.

The PSEi increased by 1.06 percent to 7,467.92, while All Shares rose 1.48 percent to 4,041.65, marking the best finish in more than two-and-a-half years.

Investors were positively surprised by the September consumer price index (CPI) print, which came in at just below 2 percent for the first time in over four years, giving the monetary authority more flexibility to adjust interest rates.

All sectors except Mining and Oil and Property closed higher, with Industrial leading gains by rising 1.93 percent.

The peso slightly appreciated, closing at 56.295 to the US dollar from its previous day's finish of 56.37, setting up potential further gains for Philippine stocks this week.