PSEi inches up on inflation report

The benchmark Philippine Stock Exchange Index (PSEi) inched higher during a mixed session as the government reported a dip in inflation.

The PSEi ended the session up 0.23 percent, or 16.56 points, to 7,147.30 while the broader all-shares index slipped 0.17 percent, or 6.58 points, to 3,805.51.

The Philippine Statistics Authority said the headline inflation rate eased to 4.2 percent in November, the lowest in four months but still above the government’s 2-4 percent target range.

Among PSE subsectors, holding firms and property ended positive with gains of 1.1 percent and 0.46 parent, respectively.

Financial and industrial stocks were the biggest losers, shedding 0.7 percent and 0.64 percent each.

The lukewarm trading on Tuesday came as Asian equity indices were mostly higher following the strong rebound in Wall Street overnight.

Luis Gerardo Limlingan, managing director at Regina Capital Development, said investors also cheered reports that the “Omicron variant is less severe than expected.”

On Tuesday, medical equipment distributor Medilines Distributors Inc. made its trading debut on the PSE after raising roughly P1.9 billion.

Data from the PSE showed 1.97 billion shares valued at P7.86 billion changing hands.

Foreigners remained net sellers during the session, with net volume hitting P259.7 million.

AC Energy Corp. was the top traded stock as it fell 4.55 percent to P10.50 per share.

It was followed by Monde Nissin Corp., down 4.24 percent to P15.80, Medilines Distributors Inc., down 30 percent to P1.61, BDO Unionbank Inc., flat at P120, and Converge ICT Solutions Inc., down 2 percent to P31.85 per share.

Other actively traded stocks were Ayala Land Inc., up 0.85 percent to P35.80, SM Prime Holdings Inc., up 0.84 percent to P36, SM Investments Corp., up 2.62 percent to P959.50, Globe Telecom, up 4.57 percent to P3,390 and Wilcon Depot Inc., up 0.97 percent to P31.30 per share. INQ