Humdrum start to the week pulls PH shares lower

Philippine shares drifted lower during another low-volume session on Monday as investors awaited the headline inflation data to be released on May 5.

By the closing bell, the benchmark Philippine Stock Exchange (PSE) Index shed 0.15 percent, or 10.17 points, to 6,721.08 while the broader all-shares index lost 0.23 percent, or 8.31 points, to 3,596.83.

The main index dropped amid a lack of interest from investors with PSE data showing 795.48 million shares at P3.61 billion changing hands.

The PSE also announced the cancellation of trading for today, May 3, in observance of Eid al-Fitr or the Feast of Ramadan.

Meanwhile, investors were bracing for the release of inflation data this week amid expectations of a higher consumer price index print above 4 percent. Forecasts compiled by the Inquirer showed April inflation expectations from a low of 4.3 percent to a high of 4.8 percent.

Another key event is the US Federal Reserve’s decision on interest rates, which is also due on May 5.

PSE subsectors were mostly down, albeit industrial stocks added 1.06 percent.

Losers were led by financials, down 1.18 percent, and services, down 0.67 percent.

Overall, 99 companies closed lower on Monday against 60 gainers while 67 stocks were unchanged.

Ayala Land Inc. was the top traded stock on Monday as it added 0.16 percent to P32.10 per share.

It was followed by Metropolitan Bank & Trust Co., down 2.05 percent to P50.05; BDO Unibank Inc., down 1.54 percent to P128; SM Prime Holdings Inc., flat at P35; and Universal Robina Corp., up 2.24 percent to P104.80 per share. INQ