Corporate giants buoy PH shares
MANILA -The benchmark Philippine Stock Exchange index (PSEi) gained ground on Wednesday as local conglomerates booked higher earnings during the first quarter and investors placed bets ahead of the US inflation report.
By the closing bell, the PSEi added 0.54 percent, or 35.98 points, to 6,658.59 while the broader All Shares index rose 0.39 percent, or 13.77 points, to 3,546.10.
Zobel-led Ayala Corp., Sy-led SM Investments Corp. and Gokongwei-led JG Summit were among the most actively traded gainers after they announced improved profitability during the first three months of the year.
The US is also expected to release April inflation data on Wednesday night. A 5-percent inflation print was expected by economists surveyed by Bloomberg.
Meanwhile, a total of 721.31 million shares valued at P4.64 billion changed hands while foreigners were net buyers of an amount worth P64.86 million, data from the stock exchange showed.
BDO Unibank Inc. was the top traded stock as it slipped 0.44 percent to P135.50 per share.
