PH stocks flat ahead of US inflation data, Fed minutes

The benchmark Philippine Stock Exchange Index (PSEi) consolidated above the 5,800 level on Wednesday while volume dropped anew, underscoring continued risk aversion. The PSEi rose 0.11 percent, or 6.26 points, to 5,853.63 while the broader All Share Index added 0.1 percent, or 3.14 points, to 3,155.58.

“Philippine shares traded quietly as investors awaited the latest inflation numbers and FOMC [Federal Open Market Committee] minutes,” said Luis Gerardo Limlingan, head of sales at Regina Capital Development.Trading value was meager at P3.7 billion while net foreign selling stood at P327.6 million.

BDO Unibank Inc. was the top traded company as it rose 1.05 percent to P116 per share.

It was followed by Jollibee Foods Corp., unchanged at P233; International Container Terminal Services Inc., down 1.69 percent to P175; Manila Electric Co., down 0.28 percent to P289; and SM Prime Holdings Inc., up 0.65 percent to P31.20 per share.

Subsectors closed mixed. Holding firms rose 0.25 percent, followed by property, up 0.16 percent, and industrial counter, up 0.14 percent.

Mining and oil fell 0.44 percent while financials and services declined 0.19 percent and 0.1 percent, respectively. INQ