PSEi steady as investors keep eyes peeled for inflation, job patterns

The country’s benchmark stock index firmed up above 6,600 ahead of the release of key economic data this week, starting with the latest inflation report coming out today, March 7.

The Philippine Stock Exchange index (PSEi) closed Monday’s session higher by 0.24 percent, or 15.75 points, to 6,671.12 while the broader All Shares index added 0.24 percent, or 8.64 points, to 3,573.06.

“Philippine shares climbed up slightly as investors await the release of Feb. inflation rate [today], while the unemployment rate and industrial production will be released on Thursday and Friday, respectively,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors.

The Bangko Sentral ng Pilipinas said inflation likely accelerated anew in February with the month’s average likely settling between 8.5 percent and 9.3 percent compared to the 8.7 percent print in January.

Volume was relatively thin on Monday with 659.9 million shares valued at P4.75 billion changing hands while foreign buyers narrowly edged out sellers with net purchases of P5.6 million, stock exchange data showed.

Holding firms slipped 0.10 percent while gainers were led by services (+1.27 percent), property (+0.54 percent), mining and oil (+0.36 percent), industrial (+0.20 percent) and financials (+0.002 percent).

BDO Unibank Inc. was the top traded stock as it rose 0.95 percent to P127 per share.

It was followed by International Container Terminal Services Inc., up 3.5 percent to P207; Ayala Land Inc., up 1.06 percent to P28.65; and SM Prime Holdings Inc., up 0.14 percent to P35.55.

Overall, there were 102 advancers against 83 losers while 45 companies closed unchanged. INQ

READ:

Tough trail sending PSEi huffing and puffing back to 2023 start point

Corporate Philippines to ride on postpandemic economic recovery