PSEi up as inflation forecasts trump Omicron fears | Inquirer Business
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PSEi up as inflation forecasts trump Omicron fears

/ 04:03 AM December 07, 2021

The benchmark Philippine Stock Exchange Index (PSEi) rose on Monday ahead of the release of inflation data as Omicron fears took the back seat.

By the closing bell, the PSEi gained 1.07 percent, or 75.55 points, to 7,130.74 while the broader all-shares index was up 0.58 percent, or 21.89 points, to 3,812.09.

“Philippine shares were bought ahead of the inflation release, and as the country remained free of any Omicron cases for now,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors on Monday.

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The government is scheduled to release November inflation numbers today, Dec. 7. Limlingan said “many are expecting this to fall below 4 percent” or within the acceptable range of the Bangko Sentral ng Pilipinas.

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“Outside the country, investors are assessing the impact of Omicron variant on their open positions. Note that the Omicron variant has now been detected in at least 15 US states,” he said.

PSE subsectors were mostly higher on Monday, save for mining and oil, which dropped 1.31 percent.

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Services and financials gained 1.97 percent and 1.71 percent, respectively. Property also rose 1.12 percent, followed by industrial, up 0.74 percent, and holding firms, up 0.27 percent.

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Trading volume was relatively low with 1.32 billion shares valued at P6.55 billion changing hands while foreigners continued to cut their holdings, resulting in net sales reaching P269.5 million.

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Data from the PSE showed gainers and losers were roughly even, 94 to 93, while 52 companies closed unchanged.

BDO Unibank Inc. was the most actively traded on Monday as it closed flat at P120 per share.

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It was followed by Converge ICT Solutions Inc., up 3.17 percent to P32.50, and AC Energy Corp., down 1.79 percent to P11 per share.

—Miguel R. Camus INQ
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TAGS: Business, PSEi, stocks

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