Easing inflation fails to thrill investors as risks remain
MANILA -Philippine stocks closed flat on Friday even after new government data showed inflation cooling for a third straight month last April to 6.6 percent.
By the closing bell, the benchmark Philippine Stock Exchange index (PSEi) was up by just 0.02 percent, or 1.31 points, to 6,685.66 while the broader All Shares index added 0.07 percent, or 2.42 points, to 3,556.06.
According to the Philippine Statistics Authority, the April inflation print was lower than the previous month’s reading of 7.6 percent. Core inflation, however, was marginally lower at 7.9 percent in April versus 8 percent in March, underscoring continued risks to consumers.
The Bangko Sentral ng Pilipinas said on Friday it would continue to adjust its monetary policy stance “as necessary” to ensure stable prices.
Meanwhile, 2.5 billion shares valued at P11.44 billion changed hands during the session. The figure includes a P5.2-billion block sale of 2GO Group shares to the SM Group. Foreigners were net sellers of an amount totaling P2.68 billion, stock exchange data showed.
Holding firms, industrial, services and property stocks rose while financials and mining and oil retreated.
BDO Unibank Inc. was the top traded stock as it slipped 2.84 percent to P137 per share.
It was followed by SM Prime Holdings Inc., up 0.88 percent to P34.30; Bank of the Philippine Islands, down 1.37 percent to P108; SM Investments Corp., up 1.26 percent to P925; and International Container Terminal Services Inc., down 0.47 percent to P213.
Metropolitan Bank & Trust Co. rose 2.2 percent to P60.30; Ayala Land Inc., down 1.40 percent to P28.25; and ACEN Corp., up 2.49 percent to P6.17.
Overall, there were 103 advancers against 95 losers while 42 companies closed unchanged.INQ
