PSEi retests 6,500 on improved inflation outlook

PSE FILE PHOTO

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) reclaimed the 6,500 level on weak trading volume on Monday amid bets that inflation had cooled further in June.

By the closing bell, the PSEi rose 0.62 percent, or 40.14 points, to 6,508.21 while the broader All Shares index added 0.42 percent, or 14.46 points, to 3,467.42.

“Philippine investors started the second half more optimistically, as investors looked forward to a handful of economic data that would act as a catalyst to the equities market,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors.

The Philippine government is expected to release the latest inflation data on Wednesday.

BSP: Inflation slowed down yet again in June

“Inflation rate is expected on Wednesday with consensus at 5.5 percent. Unemployment will be out on Friday with consensus at 4.5 percent,” Limlingan said.

Jobless rate in PH down to 4.5% in April

Investors remained cautious as 1.54 billion shares valued at P2.45 billion changed hands while foreigners were net buyers to the tune of P222.3 million.

Property, holding firms, mining and oil and financials climbed while industrial and services slipped, data from the stock exchange showed.

Jollibee Foods Corp. was the top traded stock as it rose 0.5 percent to P240.40 per share.

It was followed by BDO Unibank Inc., up 1.67 percent to P140; Emperador Inc., down 1.17 percent to P21.05; SM Investments Corp., up 0.76 percent to P932; and SM Prime Holdings Inc., up 2.59 percent to P33.70 per share.

-CSN