PSEi gains ahead of inflation data
MANILA -The benchmark Philippine Stock Exchange index (PSEi) firmed up on Monday ahead of the release of August inflation data.
The PSEi gained 0.54 percent, or 33.62 points, to 6,214.68 while the broader All Shares Index added 0.43 percent, or 14.47 points, to 3,356.44.
“The index rose in line with most Asian markets as traders took their cue from US jobs data and news that one of China’s largest property developers won a debt payment reprieve from bondholders,” said Juan Paolo Colet, managing director at investment bank China Bank Capital Corp.
He said trading activity remained weak, indicating that investor sentiment “remains generally cautious ahead of the release of the Philippine August inflation print.”
Data from the stock exchange showed 2.3 billion shares valued at P11.32 billion changing hands. The bulk of the value, or P9 billion worth of stocks, came from Metro Pacific Investments Corp., which is nearing the tender offer deadline on Sept. 7.
The financials counter was the sole loser among PSE subsectors while gainers were led by property, up 1.47 percent.
Metro Pacific was the top traded stock as it slipped 0.19 percent to P5.16 per share.
It was followed by Bloomberry Resorts Corp., down 0.36 percent to P10.96; Ayala Corp., up 2.63 percent to P625; SM Investments Corp., flat at P820; and SM Prime Holdings, up 1.84 percent to P30.45 per share. Bank of the Philippine Islands was down 1.12 percent to P105.80; GT Capital Holdings Inc., down 0.09 percent to P572; PLDT Inc., up 1.19 percent to P1,190; Ayala Land Inc., up 1.96 percent to P28.60; and International Container Terminal Services Inc., flat at P206 per share. There were 94 advancers against 82 losers.
