Philippine stock market rises 0.99% on easing inflation, strong earnings

The Philippine stock market extended its winning streak on Thursday, March 6, with the main index rising by 0.99 percent to close at 6,360.77.

Miners led a broad-based rally as investors reacted positively to easing inflation and strong corporate earnings from the fourth quarter of 2024, fueled by a cooler-than-expected consumer price index data.

Regina Capital Development Corporation's Managing Director Luis Limlingan noted that investor optimism was further boosted by US equities bouncing back on Friday despite a weaker jobs report in the US.

Gold prices increased slightly due to a weaker US dollar ahead of important payroll data from the United States, while the Philippine peso closed at 57.21 to a dollar, appreciating from 57.32 the previous day.

Key economic events this week include the US CPI report on Wednesday and local releases such as December FDI and January cash remittances, which could influence market expectations ahead of the March FOMC meeting.

Volume was relatively steady at 627 million shares worth P6.41 billion with gainers beating losers 122 to 76 and 48 unchanged.