MANILA, Philippines — Traders searching for lower-priced shares lifted the stock market on Monday, snapping a three-session losing streak as inflation jitters eased.
The benchmark Philippine Stock Exchange Index (PSEi) rebounded ahead of the release of April inflation data, climbing by 0.56 percent, or 36.94 points, to 6,652.49 by the end of the session.
Likewise, the broader All Shares Index increased by 0.52 percent, or 18.34 points, to 3,516.51.
Value turnover for 491.98 million shares was at P4.13 billion, stock exchange data showed.
“Investors bought bargain stocks near the support level of 6,600 following three consecutive days of market decline,” said Claire Alviar, research analyst at Philstocks Financial Inc.
Traders were likewise encouraged by positive cues from US markets last Friday amid optimism that the Federal Reserve would cut rates, Alviar noted.
Inflation data
The Philippine Statistics Authority is set to release the April inflation data today, May 7. It is expected to surpass the government’s target range of 2 percent to 4 percent on higher prices of meat and rice, according to the Bangko Sentral ng Pilipinas.
Only property firms recorded a decline (0.02 percent) as the Zobel family’s Ayala Land Inc. (ALI) and the Sy family’s SM Prime Holdings Inc. went down.
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SM Investments Corp. was the top-traded stock as it gained by 0.27 percent to P944.50 each.
It was followed by ALI, which went down by 0.19 percent to P26.80 per share; BDO Unibank Inc., which was flat at P148.30; International Container Terminal Services Inc., up 1.46 percent to P347; and Jollibee Foods Corp., which was unchanged at P219 each.
DigiPlus Interactive Corp. was up by 1.78 percent to P13.72; SM Prime, down 0.18 percent to P27.35; Universal Robina Corp., up 5.74 percent to P106.80; Metropolitan Bank and Trust Co., down 0.14 percent to P71.50; and Puregold Price Club Inc., up 2.85 percent to P23.45.
Overall, advancers edged out losers, 112 to 74, while 50 companies closed unchanged, stock exchange data also showed. —Meg J. Adonis INQ