Blue chips rise closer to 6,700
MANILA —Philippine stocks rose on Friday while regional equities were mixed after the December US inflation print came in hotter than expected.
The benchmark Philippine Stock Exchange index rose 0.45 percent, or 29.45 points, 6,643.18 while the broader All Shares index added 0.31 percent, or 10.85 points, to 3,506.61.
“Higher rents and food boosted the overall cost of goods [in the United States] to 3.4 percent, prompting [worries that] the Federal Reserve’s drive to slow inflation to its 2-percent target may take longer than what was initially projected,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said on Friday.
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“Meanwhile, oil prices experienced a nearly one-percent increase following Iran’s seizure of an oil tanker near the coast of Oman, heightening concerns about a potential rise in tensions in the Middle East,” Limlingan added.
Top traded stocks
A total of 362.6 million shares valued at P5.64 billion changed hands while foreigners sustained buying with net purchases of P360.76 million, data from the exchange showed.
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BDO Unibank Inc. was the top traded stock as it slipped 0.57 percent to P139 per share.
It was followed by Jollibee Foods Corp., up 2 percent to P265; International Container Terminal Services Inc., up 3.10 percent to P245.80; Metropolitan Bank & Trust Co., up 2.50 percent to P57.40; and Century Pacific Food Inc., up 0.60 percent to P33.80 per share.
Ayala Corp. was up 0.96 percent to P680.50; SM Investments Corp., up 1.35 percent to P902; Bank of the Philippine Islands, down 1.65 percent to P107; Globe Telecom, down 0.75 percent to P1,712; and JG Summit Holdings Inc., flat at P40.20 per share.
READ: Asian shares turn lower, while Tokyo’s benchmark extends rally
Overall, there were 102 advancers against 92 losers while 48 companies closed unchanged, data from the stock exchange showed.
