PSEi up as PH keeps growth target in era of high inflation

MANILA  -Philippine stocks pushed higher on Monday after the government maintained its economic growth outlook for the year despite a higher inflation forecast.

By the closing bell, the benchmark Philippine Stock Exchange index (PSEi) rose 1.2 percent, or 77.94 points, to 6,598.38 while the broader All Shares index gained 0.63 percent, or 21.83 points, to 3,510.09.

On Monday, the Development Budget Coordination Committee (DBCC) retained its 6 to 7 percent growth assumption for the country this year.

The DBCC, however, raised its average inflation outlook to 5 to 7 percent from 2.5 to 4.5 percent.

A total of 807.42 million shares valued at P5.34 billion changed hands while foreigners were net buyers of an amount worth P824 million, stock market data showed.

PSE subsectors financials, property, holding firms and industrial closed higher while services and mining and oil slipped.

BDO Unibank Inc. was the top traded stock as it rose 3.33 percent to P139.50 per share.

It was followed by Bank of the Philippine Islands, up 6.52 percent to P109.50; International Container Terminal Services Inc., up 1.59 percent to P217; Globe Telecom, down 3.42 percent to P1,722; and Ayala Land Inc., up 1.72 percent to P26.65 per share. INQ