Local shares inch up ahead of US inflation report

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) saw muted gains on Monday as investors placed bets ahead of the release of US inflation data this week.

By the closing bell, the PSEi rose 0.17 percent or 10.8 points, to 6,233.74 while the broader All Shares Index was up 0.1 percent, or 3.22 points, to 3,363.45.

“Philippine shares were bought up as investors look to a fresh new batch of economic data that could influence price action activity,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said on Monday.

“For the week ahead in the US, investors are looking forward to key inflation data.

On Sept. 13 and 14, the [consumer price index] and [producer price index] readings are due out, respectively,” he added. Investors were still on the sidelines as 639.89 million shares valued at P3.6 billion were traded while foreigners were net sellers amounting to P504.93 million, data from the stock exchange showed.

Mining and oil, industrial and services counters closed higher while financials, property and holding firms slipped.

BDO Unibank was the top traded stock as it added 0.23 percent to P131.50 per share.

It was followed by Bank of the Philippine Islands, down 1.03 percent to P105.90; International Container Terminal Services, up 0.76 percent to P211; SM Prime Holdings Inc., up 0.5 percent to P301.50; and Manila Elector Co., up 3.95 percent to P363 per share.

Semirara Mining and Power Corp. was up 5.16 percent to P33.65; GT Capital Holdings Inc., flat at P590; Monde Nissin Corp., up 4.81 percent to P8.28; Universal Robina Corp., up 0.52 percent to P117; and SM Investments Corp., up 0.12 percent to P825 per share.

Overall, there were 103 losers against 95 advancers while 41 companies closed unchanged.