Trading lackluster ahead of inflation report
MANILA -The benchmark Philippine Stock Exchange index (PSEi) was little-changed during a quiet session on Tuesday, indicating indecision from investors and traders ahead of the release of June local inflation data.
By the closing bell, the PSEi inched up 0.1 percent, or 6.26 points, to 6,514.47 while the broader All Shares Index added 0.15 percent, or 5.11 points, to 3,472.53. Market volume remained weak as 773.84 million shares valued at P2.24 billion changed hands while foreigners were net sellers to the tune of P16.7 million, data from the stock exchange showed.
Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., said stocks were trading within a tight band that was suggestive of a “holding pattern.”
“It seems to be waiting for more clues from the economy whether to continue the rally or continue its decline towards the 6,300 levels,” he said in a note to investors on Tuesday.
Investors keen on trading Metro Pacific Investments, which announced a higher tender offer price of P5.20 per share on Tuesday, were also sidelined as shares of the infrastructure giant were suspended for one day.
READ: Metro Pacific bumps up tender offer price by 12% to P5.20/share
PSE subsectors ended as industrial, services and holding firms rose while financials, property and mining and oil sank.
BDO Unibank Inc. was the top traded stock as it slipped 1.64 percent to P137.70 per share.
It was followed by International Container Terminal Services Inc., up 0.1 percent to P200.80; Emperador Inc., down 0.24 percent to P21; SM Investments Corp., up 0.64 percent to P938; and Universal Robina Corp., up 3.93 percent to P140 per share. INQ
