PSEi inches up on lower inflation report

The local stock barometer gained slightly on Friday as the country’s March inflation eased further while optimism on US-China trade talks buoyed regional markets.

The Philippine Stock Exchange index (PSEi) rose by 19.05 points or 0.24 percent to close at 7,873.18.

Philippine inflation eased for the fifth straight month to 3.3 percent year-on-year in March compared to 3.8 percent in February. This was lower than the market consensus of 3.5 percent.

“This should allow for more dovish policy from the Bangko Sentral ng Pilipinas in the form of an RRR (reserve requirement ratio) cut,” Papa Securities said in a research note.

Greater liquidity in the financial system is expected to help the equities market.

Resistance remains at the area of the 50-day moving average of 7,900, the brokerage said.

The market was supported by the financial, industrial, holding firm, services and mining/oil counters.

Only the property counter ended lower.

Value turnover for the day amounted to P5.04 billion.

There were 117 advancers which edged out 81 decliners, while 49 stocks were unchanged.

The PSEi was perked up by Bloomberry and LTG, which both rose by over 2 percent.

Ayala Land, Ayala Corp., Puregold and Metrobank all firmed up by over 1 percent.

Jollibee, BDO, BPI, Metro Pacific, Meralco and Megaworld also gained.

Outside the PSEi, one notable gainer was Phinma Energy, which surged by 5.81 percent.

Vista Land and Manila Water also slightly rose in relatively heavy volume.

On the other hand, SM Prime tumbled by 1.39 percent, while AGI, PLDT and ICTSI all slipped.