Stock index ends slightly higher

The local stock barometer firmed up above 7,900 on Tuesday, partly perked up by lower-than-expected local inflation data for April.

The Philippine Stock Exchange index (PSEi) added 48.33 points or 0.62 percent to close at 7,910.63. Elsewhere in the region, all eyes were still on the US-China trade talks.

“The main index continues sideways and has almost ignored the impressive inflation numbers that came in today, the lowest in 16 months,” said Christopher Mangun, head of research at Eagle Equities Inc.

The local inflation rate eased to 3 percent in April from 3.3 percent in March despite global oil price pressures and the El Niño dry spell. This came in lower than the 3.1 percent market consensus.

“There is still a strong indication that investors are waiting till after the election to start getting serious about the market. It is a very good time to start accumulating issues while they are at a lower price. We are still anticipating a big move in the next couple of weeks,” Mangun said.

Except for the industrial counter, all sub-indices firmed up on Tuesday. The biggest gainer was the services counter, which added 2.32 percent.

Value turnover amounted to P5.51 billion. There were 100 advancers that edged out 86 decliners, while 50 stocks were unchanged.

Globe Telecom and ICTSI were the day’s top gainers, both surging by more than 6 percent. Globe reported on Monday a 40-percent year-on-year growth in first-quarter core net profit to P6.7 billion.

BPI and SMC both gained over 2 percent while Metrobank, Puregold and Megaworld all rose by more than 1 percent.

Ayala Land was the day’s most actively traded company, gaining 0.32 percent after posting a 12-percent growth in first-quarter net profit.

Ayala Corp., BDO, Jollibee, SM Investments and PLDT also contributed modest gains.

On the other hand, RRHI fell by 4.89 percent while AGI slumped by 1.72 percent. SM Prime and URC also dipped.

Outside of the PSEi, notable decliners included MRSGI and D&L Industries.