Investors await with bated breath pivotal US inflation data
Philippine shares were little changed on Wednesday as global markets awaited a key inflation data in the United States, which would show whether interest rate hikes by the Federal Reserve had started to dull the impact of rising consumer costs.
The benchmark Philippine Stock Exchange index added 0.04 percent, or 2.87 points, to 6,471.84 while the broader All Shares index rose 0.15 percent, or 5.07 points, to 3,461.51.
PSE data showed 843.4 million shares valued at P6.34 billion changing hands while foreigners were net sellers in the amount of P119.4 million.
“Philippine shares eked out small gains as investors brace for the upcoming US inflation report, which could confirm or dash hopes that rising prices have leveled off,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Wednesday. “Economists expect the report to show that inflation has cooled slightly, led by slipping oil prices,” he added.
Subsectors were mixed with mining and oil, services, property and holding firms closing higher while financial and industrial sank.
International Container Terminal Services Inc. was the top traded stock as it shed 1.66 percent to P178 per share.
It was followed by BDO Unibank Inc., down 1.91 percent to P112.80; SM Investments Corp., up 0.5 percent to P809; ACEN Corp., down 2.89 percent to P8.39 and Ayala Land Inc., flat at P26.35 per share.
SM Prime Holdings Inc. was up 0.94 percent to P37.65; Aboitiz Equity Ventures Inc., down 1.38 percent to P57.35; PLDT Inc., up 1.77 percent to P1,780; Manila Electric Co., down 1.14 percent to P311.40; and Emperador Inc., up 0.42 percent to P19.06 per share. Overall, there were 111 advancers against 59 decliners while 63 companies closed unchanged, data showed.