PSEi gains on favorable inflation view

The benchmark Philippine Stock Exchange index (PSEi) tilted higher on Monday on relatively thin volumes as investors bet that May inflation had eased for a fourth month in a row.

By the closing bell, the PSEi added 0.15 percent, or 9.63 points, to 6,521.64 while the broader All Shares index gained 0.33 percent, or 11.46 points, to 3,486.33.

A total of 1.73 billion shares valued at P3.38 billion changed hands while foreigners were net sellers amounting to P108.35 million, stock exchange data showed.

Last week, the Bangko Sentral ng Pilipinas said inflation in May was forecast to fall within the range of 5.8 percent to 6.6 percent.

ING Bank said inflation likely declined to 6 percent in May from 6.6 percent in April.

Meanwhile, the PSE industrial, holding firms, property and mining and oil sectors moved higher while services and financials slumped.

SM Prime Holdings Inc. was the top traded stock as it rose 0.15 percent to P32.90 per share.

It was followed by Bank of the Philippine Islands, up 0.70 percent to P100.70; BDO Unibank Inc., down 0.93 percent to P138.10; Ayala Corp., up 1.82 percent to P670; and Ayala Land Inc., down 0.19 percent to P25.90 per share.

International Container Terminal Services Inc. was down 1.87 percent to P199; Robinsons Land Corp., up 2.85 percent to P14.42; Monde Nissin Corp., up 4.46 percent to P8.20; AgriNurture Inc., down 0.27 percent to P7.35; and SM Investments Corp., up 0.87 percent to P928 per share.

Overall, there were 114 advancers against 64 losers while 37 companies closed unchanged. INQ