Shares rise for 3rd day as investors prepare for inflation news | Inquirer Business
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Shares rise for 3rd day as investors prepare for inflation news

/ 02:02 AM August 05, 2022

The benchmark Philippine Stock Exchange index (PSEi) rose for a third consecutive session, ahead of the release of the latest inflation print on Friday, Aug. 5, which could show consumer prices breaching last June’s 6.1-percent increase.

The PSEi added 0.82 percent, or 53.03 points, to 6,483.11 while the broader All Shares index increased 0.73 percent, or 24.93 points, to 3,461.76.

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A total of 591.26 million shares valued at P5.84 billion changed hands. Foreigners were net buyers to the tune of P315.55 million, stock exchange data showed.

Shares climbed higher in anticipation of the July inflation reading, which will be released today. Data collected by the Inquirer showed majority of economists expecting that inflation rose above the 6.1 percent recorded in June, the fastest since the rice crisis of 2018.

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Meanwhile, the mining sector found favor with the Marcos administration after Finance Secretary Benjamin Diokno said the industry “holds the greatest potential to be a key driver in our economic recovery and long-term growth.”

PLDT shares rose after the telco giant said first half core profits jumped 12 percent to P17 billion as service revenues rose 5 percent to P94.3 billion.

All PSE subsectors closed in the green on Thursday. Services and industrial rose 1.34 percent and 1.07 percent, respectively, followed by property, up 0.85 percent; financials, up 0.75 percent; holding firms, up 0.29 percent; and mining and oil, up 0.18 percent.

Ayala Corp. was the top traded stock as it rose 3.59 percent to P692.50 per share.

It was followed by Security Bank Corp., up 1.36 percent to P82.10; Universal Robina Corp., down 0.08 percent to P124.70; PLDT, up 2.33 percent to P1,760; and SM Prime Holdings Inc., up 1.35 percent to P37.50 per share.

Semirara Mining and Power Corp. rose 0.12 percent to P40.90; Manila Electric Co., up 1.47 percent to P316; Ayala Land Inc., up 0.19 percent to P26; BDO Unibank Inc., up 1.19 percent to P118.70; and SM Investments Corp., down 0.38 percent to P792 per share.

Overall, there were 98 advancers against 78 decliners while 49 companies closed unchanged, PSE data showed.

—Miguel R. Camus

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TAGS: Philippine Stock Exchange index (PSEi), Stock Market
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