PSEi keeps grip on 6,600 as investors hope for inflation relief

The Philippine Stock Exchange index (PSEi) held steady above 6,600 despite a modest pullback as investors prepared to digest fresh leads, including the US Federal Reserve’s next policy meeting on July 26.

The PSEi shed 0.25 percent, or 16.31 points, to 6,631.25 while the broader All Shares index sank 0.12 percent, or 4.19 points, to 3,526.71.

Michael Ricafort, chief economist at the Rizal Commercial Banking Corp., said investors were pricing in a potential 25-basis point interest rate hike by the US Fed this Wednesday.

Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said investors also focused on President Marcos’ second State of the Nation Address on Monday afternoon for potential solutions to further tamp down inflation.

Tiu-led Repower Energy Development Corp. made its trading debut on Monday as it completed the country’s third initial public offering for the year. A total of 659.6 million shares valued at P3.12 billion changed hands while net foreign buying reached P128.4 million. PSE subsectors were mixed as mining and oil and financial climbed while holding firms, services, industrial and property declined.

BDO Unibank Inc. was the top traded stock as it rose 0.87 percent to P150 per share.

It was followed by Metro Pacific Investments Corp., down 0.20 percent to P4.91; Globe Telecom, up 1.59 percent to P1,920; Ayala Land Inc., up 0.36 percent to P27.50; and Bank of the Philippine Islands, flat at P115 per share.

Ayala Corp. was up 0.71 percent to P639; International Container Terminal Services Inc., down 2.02 percent to P204; Bloomberry Resorts Corp., up 0.51 percent to P11.78; SM Investments Corp., down 1.81 percent to P923; and Universal Robina Corp., down 1.43 percent to P131.10 per share.

Overall, there were 114 losers against 73 advancers while 41 companies closed unchanged, data from the stock exchange showed.

—Miguel R. Camus INQ