Snubbing Wall Street decline, PH shares rally on stock debuts

Philippine shares rose on Wednesday ahead of the long weekend despite losses on Wall Street after US inflation figures came in at a fresh 40-year high.

The benchmark Philippine Stock Exchange index (PSEi) rose 1.3 percent, or 89.54 points, to 6,984.90 while the broader all shares index added 1.11 percent, or 40.74 points, to 3,726.58.

The US consumer price index surged 8.5 percent in March from a year ago, the figure capturing the steep rise in commodity prices in the wake of the Russian invasion of Ukraine.

Market observers were closely monitoring the latest inflation reading since this would also influence the pace of monetary tightening by the powerful Federal Reserve.

Some of the gains on Wednesday were driven by local news events.

First was the trading of CTS Global Equity Group Inc., which jumped 11 percent on its listing debut. Emperador Inc. also jumped nearly 22 percent after the company said it met conditional listing requirements to join the Singapore Exchange.

All PSE subsectors were higher, led by industrial, up 2.33 percent, and services, up 1.24 percent.

A total of 1.42 billion shares valued at P4.21 billion changed hands while foreigners were net sellers to the tune of P294.89 million.

There were 100 advancers against 66 decliners while 54 companies closed unchanged.

Newly listed CTS Global Equity was the most actively traded company as it rose 11 percent to P1.11 per share.

It was followed by Bank of the Philippine Islands, up 0.51 percent to P98.50; SM Investments Corp., up 0.87 percent to P872.50; Emperador Inc., up 21.97 percent to P17.10; and Converge ICT Solutions Inc., up 3.28 percent to P29.95 per share.

BDO Unibank Inc. shed 0.39 percent to P128.50; Ayala Land Inc., flat at P34; SM Prime Holdings Inc., up 2.22 percent to P36.80; Ayala Corp., down 0.13 percent to P768; and International Container Terminal Services, up 0.82 percent to P220.40 per share. ­­

—Miguel R. Camus