Stock index climbs above 6,600 level

Philippines stocks jumped Thursday, pushing the benchmark index above the 6,600 level, as investors positioned ahead of the release of December inflation print.

The 30-company Philippine Stock Exchange index, advanced by 103.64 points, or 1.6 percent, to close at 6,602.53, the highest in more than five months.

The broader all-shares index also climbed 35.52 points, or 1.03 percent, to finish at 3,485.76.

“The PSEi bucks the fall of most Asian markets as traders bought up local stocks on expectations that domestic headline inflation last month cooled to 4 percent, which is within the Bangko Sentral ng Pilipinas’ target inflation range,” China Bank Capital managing director Juan Paolo Colet said.

Value turnover reached P4.5 billion.