Stocks rise on strong manufacturing data

MANILA, Philippines — Stronger-than-expected manufacturing data pushed the Philippine stock market higher.

The benchmark Philippine Stock Exchange index (PSEi) closed at 6,284.37 yesterday, up by 39.19 points or by 0.63 percent.

Total value turnover reached P3.8 billion. Market breadth was negative, 91 to 83 with 46 issues unchanged.

All the sectoral gauges finished in positive territory as well.

“The local bourse gained by 39.19 points (0.63 percent) to 6,284.37 thanks to the strong S&P Global Philippines Manufacturing PMI which improved to 52.7 in November,” said Claire Alviar of Philstocks Financials.

Alviar hopes that the Philippine inflation slowed down last month also helped lift the sentiment.

“However, many were still seen on the sidelines as they wait for the release of the inflation rate,” she said.

Meanwhile, elsewhere in Asia, shares were mixed yesterday as investors awaited a slew of US economic data set for release later in the week.

Among the economic updates due this week are data on the job market, including the US government’s closely watched monthly employment report for November.

Inflation data are also expected this week for several nations in Asia, including Japan, Thailand and the Philippines.

Wall Street finished last week with a fifth straight gain, as the S&P 500 reached its highest level in more than a year, gaining 0.6 percent.

The view that the US Federal Reserve is finally done raising interest rates to curtail inflation has been a plus for markets. Data appear to show inflation easing since last year.

A US government report on Friday showed that construction spending continued rising in October, topping economists’ forecasts for growth.

Treasury yields have been broadly falling amid sentiment that the Fed’s aggressive rate hike policy is finished and potentially heading for a reversal.

Investors entered December on track to close out the year with solid gains.