PH stocks defy downtrend in region

The local stock barometer firmed up above the 7,500 mark on Friday, bucking the downturn across regional markets, as investors picked up selected large-cap stocks.

The main-share Philippine Stock Exchange index (PSEi) added 11.09 points or 0.15 percent to close at 7,546.19 in thin trade.

Elsewhere in the region, stock markets ended mostly lower.

For the week, the PSEi declined by a total of 174.83 points or 2.3 percent as investors digested the latest stream of first quarter corporate earnings reports.

On Friday, it was reported that Philippine inflation had risen to 4.5 percent year-on-year in April from 4.3 percent in March, in line with consensus.

“That has been expected,” said Joseph Roxas, president of local stock brokerage Eagle Equities Inc.

All eyes are now on the policy meeting of the Bangko Sentral ng Pilipinas (BSP) next week, during which the monetary authority is seen to finally hike interest rates to curb rising inflation expectations.

Gio Perez, analyst at Papa Securities, said the April inflation report “could finally be the catalyst for a (BSP) rate hike this coming May 10.”

The PSEi was led higher by holding firms, which gained 1.08 percent while the industrial counter was slightly up.

On the other hand, the property counter declined by 1.14 percent.

The financial, services and mining/oil counters also declined.

Value turnover was thin at P6.24 billion.

Despite the PSEi’s gain, market breadth was negative as there were 107 decliners that outnumbered 88 advancers while 38 stocks were unchanged.

The PSEi was led higher by DMCI (+3.85 percent) and Metro Pacific (+2.41 percent).

Conglomerates SM Investments and Ayala Corp. both rose by over 1 percent.

BDO, URC, Jollibee, AGI and JG Summit also contributed to the day’s gain.

Notable gainers outside the PSEi was mass housing developer 8990 Holdings, which rose by 3.81 percent in heavy volume.

It was the day’s most actively traded stock, buoyed by a block sale involving 203 million shares.

On the other hand, GT Capital fell by 2 percent while Ayala Land, SM Prime and BPI all lost over 1 percent.