PSEi gains as key US, PH growth indicators loom

The benchmark Philippine Stock Exchange index (PSEi) opened the week higher during a muted session as investors anticipate the release of key domestic and international economic data.

On Monday, the PSEi rose 0.42 percent, or 26.82 points, to 6,388.64 while the broader all-shares index added 0.32 percent, or 11.02 points, to 3,421.78.

Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said investors would be taking cues from US inflation and the early release of second quarter corporate earnings.

Here, local indicators would come from the release of the country’s trade balance and foreign direct investments data, he added.

Trading activity was subdued with 775.46 million shares valued at P3.75 billion changing hands. Foreign selling also eased lower to a net amount of P98.2 million, data from the PSE showed.

PSE subsectors were mixed. Holding firms and mining and oil retreated while financials, services, industrial and property advanced.

Property giant Ayala Land Inc. was the most actively traded on Monday as it sank 1.74 percent to P25.45 per share.

It was followed by Solar Philippines Nueva Ecija Corp., down 2.29 percent to P1.71; Metropolitan Bank & Trust Co., down 0.6 percent to P49.40; Globe Telecom, down 0.78 percent to P2,276; and BDO Unibank Inc., up 0.84 percent to P119.80.

SM Prime Holdings Inc. rose 1.49 percent to P37.45, followed by SM Investments Corp., down 0.12 percent to P838; PLDT Inc., up 1.12 percent to P1,709; Converge ICT Solutions Inc., down 1.83 percent to P21.40; and Alliance Global Group Inc., up 4.06 percent to P10 per share.

Overall, there were 101 losers versus 82 gainers while 45 companies closed unchanged, data from the PSE showed.

—Miguel R. Camus INQ