Expecting lower April inflation, PH shares rise
MANILA -Philippine shares climbed on Tuesday ahead of the release of new inflation data on Friday that could confirm the downward trend in consumer prices and help convince the Bangko Sentral ng Pilipinas (BSP) to slow the pace of interest rate hikes.
The benchmark Philippine Stock Exchange index (PSEi) rose 0.72 percent, or 47.61 points, to 6,672.69 while the broader All Shares index added 0.4 percent, or 14.16 points, to 3,546.69.
The BSP signaled last week that April inflation might settle within the range of 6.3 percent to 7.1 percent.
This means inflation was still elevated from the previous year but lower than the 7.6 percent print in March 2023.
Meanwhile, holding firms, property and financials pushed higher while mining and oil, industrial and services slipped.
A total of 1.2 billion shares valued at P4.08 billion changed hands while foreigners were net buyers to the tune of P67.1 million, stock exchange data showed.
BDO Unibank Inc. was the top traded stock as it shed 1.39 percent to P142 per share.
It was followed by SM Investments Corp., up 2.79 percent to P920; Metro Pacific Investments Corp., down 0.45 percent to P4.41; Robinsons Land Corp., up 1.11 percent to P14.58, and PLDT Inc., down 0.25 percent to P1,201 per share.
Ayala Land Inc. was up 3.19 percent to P27.50; Bank of the Philippine Islands, up 2.23 percent to P110; International Container Terminal Services Inc., flat at P217; SM Prime Holdings Inc., flat at P33.95 and SP New Energy Corp., up 1.37 percent to P1.48 per share.
Overall, there were 103 advancers against 83 decliners while 48 companies closed unchanged, stock exchange data showed. INQ
