Awaiting inflation leads, PSEi ends flat

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) ended the session flat as investors remained undecided ahead of the US inflation report late Tuesday.

By the closing bell, the PSEi rose 0.002 percent, or 0.11 points, to 6,507.26 while the broader All Shares index slipped 0.26 percent, or 8.93 points, to 3,467.25.

“The market would want to see continued deceleration in US inflation figures, which could give the Fed leeway to forego any rate hikes in the near term,” Juan Paolo Colet, managing director at Sy-led investment bank China Bank Capital Corp., said in a note to investors on Tuesday.

The release of US inflation data comes ahead of the powerful Federal Reserve’s policy meeting.

Local volume moved higher after the long weekend as 517.1 million shares valued at P5.51 billion changed hands while foreigners were net sellers amounting to P217.41 million, stock exchange data showed.

Industrial, services, financial and property subsectors slumped while services and holding firms rose.

Globe Telecom was up nearly 3 percent as it confirmed reports that an initial public offering for mobile wallet giant GCash would be ready “when the opportune time comes.”

Ayala Land Inc. was the top traded stock as it rose 0.60 percent to P25 per share.

It was followed by SM Prime Holdings Inc., flat at P32.80; BDO Unibank Inc., down 0.29 percent to P139.60; Globe Telecom, up 2.75 percent to P1,834; and JG Summit Holdings Inc., down 2.49 percent to P47 per share.

Ayala Corp. was down 0.52 percent to P676; Bank of the Philippine Islands, up 0.58 percent to P104.90; Universal Robina Corp., down 0.70 percent to P141; Metropolitan Bank & Trust Co., down 1.25 percent to P55.35; and PLDT Inc., down 0.78 percent to P1,270 per share.

Overall, there were 127 advancers against 68 losers while 43 companies closed unchanged, stock exchange data showed.