PLDT, Converge help lift PH shares in tepid trading
The benchmark Philippine Stock Exchange Index (PSEi) saw a modest increase on Monday as bargain hunters bought up shares of PLDT Inc. and Converge ICT Solutions Inc.
The PSEi rose 0.3 percent, or 18.27 points, to 6,183.62, while the broader All Shares index added 0.25 percent, or 8.34 points, to 3,348.46.
Trading volume remained below P4 billion ahead of the release of June inflation data today, July 5.
Data compiled by the Inquirer showed most economists predicting an above 6-percent increase in consumer prices for the previous month.
The last time headline inflation hit the 6-percent mark was the 6.1-percent rate in November 2018. This came at the height of the rice crisis, which led to import liberalization.
PSE subsectors closed mixed on Monday with financials, holding firms and industrial stocks advancing while mining and oil, property and services pulled backed.
Article continues after this advertisementNearly 500 million shares valued at P3.85 billion changed hands while net foreign selling hit P613.26 million by the closing bell.
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PLDT Inc. was the top traded company as it gained 3.53 percent to P1,729 per share.
It was followed by Converge ICT Solutions Inc., up 5.01 percent to P22; BDO Unibank Inc., up 3.03 percent to P115.50; SM Prime Holdings Inc., down 0.69 percent to P36.05; and SM Investments Corp., up 3.9 percent to P800 per share.
Other active names were Ayala Land Inc., up 1.15 percent to P25.70; Semirara Mining and Power Corp., up 0.56 percent to P36.20; International Container Terminal Services, Inc., down 3.77 percent to P183.80; Universal Robina Corp., up 1.38 percent to P110.50 and Jollibee Foods Corp., down 0.88 percent to P203.20 per share.
Overall, there were 69 gainers versus 111 losers while 50 companies closed unchanged, PSE data showed.
