PSEi holds tight after US inflation rattles markets
MANILA -The benchmark Philippine Stock Exchange index (PSEi) bucked weak sentiments across the region and Wall Street overnight after US consumer prices in September rose faster than expected.
By the closing bell, the PSEi rose 0.05 percent, or 3.28 points, to 6,266.34 while the broader All Shares index gained 0.03 percent, or 1.16 points, to 3,384.57.
Major Asian and all US stock indices slumped after new inflation data in the US showed consumer prices increasing 0.4 percent over the past month and 3.7 percent over the previous year. These were also slightly higher than most projections by economists.
READ: Global stocks weighed down by inflation jitters
Domestic trading activity also picked up moderately as 1.1 billion shares valued at P5.32 billion changed hands while foreigners were net sellers of an amount worth P81.53 million, data from the stock exchange showed.
Services gained 1.03 percent, followed by mining and oil (+0.37 percent) and financials (+0.25 percent). Holding firms slipped 0.23 percent, followed by property (-0.18 percent) and industrial (-0.14 percent).
DITO CME Holdings Corp. was the top traded stock as it rose 0.31 percent to P3.25 per share.
BDO Unibank Inc., up 0.81 percent to P136.60; SM Investments Corp., down 0.60 percent to P825; International Container Terminal Services Inc., up 2.85 percent to P209; and SM Prime Holdings Inc., down 0.64 percent to P31 per share.
Ayala Land Inc. was flat at P29.30; Aboitiz Power Corp., up 0.27 percent to P37; Bank of the Philippine Islands, down 0.28 percent to P107.70; GT Capital Holdings Inc., up 1.06 percent to P570; and Universal Robina Corp., down 0.78 percent to P114.70.
