The Philippine Stock Exchange index (PSEi) closed higher Monday, advancing by 39.22 points, or 0.65 percent, to close at 6,037.19.
The wider all-shares index also picked up 32 points, or 0.89 percent, to finish at 3,620.12.
The market traded mostly in the green ahead of the release of February inflation report on Wednesday.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the index rebounded from last Friday’s steep decline as investors were expecting better February inflation rate compared to 2.9 percent seen in January.
He said the PSEi also gained after US stocks corrected higher after the US Federal Reserve’s preferred inflation gauge, the personal consumption expenditures, came in within market estimates.
Holding firms index rose 2.9 percent, while financial index also went up by 0.30 percent. Mining and oil stocks were up 1.14 percent, while the property sector went up 0.93 percent.
The service sector dropped 1.38 percent, while industrial sector went down 0.74 percent.
Value turnover reached P6.18 billion.
SM Prime Holdings Inc. advanced 3.6 percent to P808 after the conglomerate announced a P60 billion share buyback program to boost shareholder value. International Container Terminal Services Inc. went down 2.8 percent to P340.
Asian markets rose cautiously on Monday, with investors eyeing a potential Chinese stimulus package and President Donald Trump’s looming tariffs.
Investors were also watching for any last-ditch deals to ward off the levies hitting Mexico, Canada and China due to come into force on Tuesday.
Trump has confirmed 25 percent tariffs on products from Mexico and Canada and further imposed another 10 percent on Chinese goods from this week.
“Traders are on edge for last-minute negotiations to sidestep US tariffs,” said Stephen Innes, an analyst from SPI Asset Management.
“In Asia, all eyes are on China’s National People’s Congress, where traders are betting on a fiscal boost to counter the drag from US tariffs and keep China’s blistering 2024 equity rally alive,” he said.
Hong Kong and Shanghai shed early gains ahead of the key Chinese parliamentary meeting that opens on Wednesday, while Tokyo closed up 1.7 percent.
Chinese stocks had been boosted in part by data released on Saturday that showed manufacturing activity grew in February after a dip the previous month.
Hong Kong was helped by the blockbuster IPO of bubble-tea and drinks giant Mixue Group, which saw its shares jump 40 percent.
Jakarta jumped more than four percent after consumer prices in Southeast Asia’s biggest economy eased 0.09 percent year-on-year in February.
Sydney rose almost one percent, with Manila and Singapore also in the green, while Taipei, Bangkok and Wellington were down.
London, Paris and Frankfurt all opened up, with investors focused on geopolitics as European leaders meet in London to draft a possible Ukraine peace plan after Trump’s clash with Ukrainian President Volodymyr Zelensky in the Oval Office last week.
Bitcoin slipped 2.7 percent in Asian trade after a six percent surge on Sunday on the back of Trump’s announcement that he was considering adding five digital assets to US strategic reserves.
Bitcoin, one of the most volatile assets, fell below $80,000 last week for the first time since November, with other crypto currencies mirroring its downward trajectory.
Trump and his wife Melania recently launched their own branded meme coins, sparking accusations they were seeking to make money from his political success.
Billionaire Tesla chief executive Elon Musk — a close political ally whom Trump has tasked with leading a government efficiency drive — has frequently promoted crypto currencies on his own social media network X. With AFP
