Headline inflation at the end of April 2013 decelerated to 2.6% year-on-year, the lowest level in 13 months amid slowing month-on-month price increases across almost all commodity groups.
April’s inflation figure was lower than the previous month’s 3.2% increase and was well within the BSP’s expected range of 2.2%-3.1% for 2013. The result was not a surprise given a strong increase in corn/rice output of +4.5% year-on-year and +11.3% year-on-year respectively for the period ending 1Q 2013.
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The local equities market breached the historical 7,000 level for the first time yesterday on expectations of strong 1Q13 corporate earnings and speculations of a further SDA rate cut this coming Thursday, during the Monetary Board meeting.
The PSEi rallied 163.38 points, or +2.35%, to close at 7,120.48, its 27th all-time high for the year. Almost all sectoral indices ended higher led by holding firms (+3.71%), financials (+2.83%) and property (+2.61%), except for services (-0.36%) which ended lower.
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The local equities market bounced back after dipping yesterday as investors expected Securities and Exchange Commission to have softer stance over foreign ownership issue after the Supreme Court ruling.
The PSEi rose 33.18 points, or 0.55% higher, to close at 6,051.75. Almost all sectoral indices ended higher led by mining and oil (+2.13%), services (+1.46%) and financials (0.92%). Only the property sector (-1.13%) ended lower.
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