By Madelaine B. Miraflor

Investors ignored the uptick in March inflation and bought Philippine shares which ended the mid-week trade yesterday at its highest level in five months as the country’s economic fundamentals have been proven enough to shield the Philippines from global woes.

The benchmark Philippine Stock Exchange index (PSEi) climbed by 137.72 points, or 1.85 percent, to close at 7,584.21, while the wider All Shares index gained 51.21 points, or 1.15 percent to 4,511.77.

All the sectors were up, led by property, which rose by 91.21 points, or 2.83 percent to close at 3,316.28, and financials, which jumped by 38.78 points, or 2.08 percent to 1,904.71.

At the end of the session, the total value turnover ended a bit lower than Tuesday’s at R10.76 billion. Advancers beat losers anew, 111 to 75, with 38 issues unchanged.

“The Philippines GDP (gross domestic product) is growing at about 7 percent and there is a lot of infrastructure spending expected over the next few years,” said Joseph Roxas, President at Manila-based Eagle Equities, at a Reuters report. “Basically, we have all the fundamentals (in place).”

On Tuesday, Philippine shares also had an impressive session, gaining 104.83 points, or up 1.43 percent to close at 7,446.49.

Regina Capital Development Corp. Head of Research and Sales Luis Limlingan said Philippine markets climbed to the highest finish of the year as US stocks overcame broad morning losses to only close narrowly lower even as certain “reflation trades unwound” on the back of the weak auto sales numbers and softening manufacturing data.