PSEi recovers despite US inflation uptick
MANILA -The benchmark Philippine Stock Exchange index (PSEi) bounced from an 11-month low and climbed nearly 1 percent on Thursday despite US inflation data showing inflation picking up in August.
The PSEi added 0.96 percent, or 59.22 points, to 6,208.40 while the broader All Shares index was up 0.68 percent, or 22.50 points, to 3,353.31.
Investors raised bets the US Federal Reserve will hold off raising the key interest rate at its policy meeting next week after headline inflation rose 3.7 percent last month. This was slightly above expectations but not enough to warrant a hike.
Michael Ricafort, chief economist at the Rizal Commercial Banking Corp., said on Thursday local sentiments also improved “after local monetary authorities signaled/reiterated [a] pause in local policy rates despite higher inflation that [is] supply-side in nature.”
Meanwhile, data from the stock exchange showed 411.99 million shares valued at P3.81 billion changing hands while net foreign selling eased to P11.74 million.
All PSE subsectors pushed higher, with holding firms (+1.45 percent) and mining and oil (+1.04 percent) leading the way.
BDO Unibank Inc. was the top traded stock as it slipped 0.31 percent to P129.60 per share.
It was followed by SM Prime Holdings Inc., up 1.34 percent to P30.20; Bank of the Philippine Islands, up 1.67 percent to P109.60; SM Investments Corp., up 1.37 percent to P812; and Ayala Corp., up 0.97 percent to P627 per share.
GT Capital Holdings Inc. was up 1.35 percent to P599; Universal Robina Corp., up 1.62 percent to P118.90; PLDT Inc., up 1.13 percent to P1,160; JG Summit Holdings Inc., up 4.07 percent to P38.40; and Manila Electric Co., down 0.66 percent to P358.60 per share.
Advancers matched losers 92 to 92 while 35 companies closed unchanged, data from the stock exchange showed.