By Leslie Venzon
MANILA, (PNA) –- Philippine stocks reversed a two-day losing streak by closing with modest gains on Friday, boosted by a four-year low inflation rate at 2.1 percent in August.
The barometer Philippine stock exchange index (PSEi) increased 15.40 points or 0.26 percent to 5,974.62 from previous day’s 5,959.22 close.
”More proof that the domestic economy is holding up, the latest being a 2.1 percent August inflation that gives the BSP (Bangko Sentral ng Pilipinas) wide elbow room to maneuver policy to suit requirements,” said Accord Capital Equities Corp.
It said investors are also continued to be preoccupied by overseas developments particularly the Federal Reserve’s tapering meeting slated on September 17 to 18 and the Syria tension.
The market’s gain was led mainly by industrial, holding firms and services stocks that rose moderately.
The sub-indices of financials, mining and oil and property sectors were in the negative territory.
Volume of transactions reached 1.35 billion shares valued at P5.37 billion.
Decliners dominated advancers, 80 to 61, while 40 issues were unchanged.
Top gainers were led by iRipple, Inc., Globalport 900 Inc., ATN Holdings Inc., Philippine Seven Corp. and Holcim Philippines Inc.