Shares advance ahead of inflation, corporate earnings reports
MANILA —Philippine stocks opened the week with gains ahead of a busy period for corporate earnings and the release of critical inflation data on Tuesday.
The benchmark Philippine Stock Exchange Index (PSEi) rose 0.31 percent, or 20.97 points, to 6,728.22 while the broader All Shares Index was up 0.24 percent, or 8.32 points, to 3,525.14.
“Philippine shares were bought up to start the week as investors brace for a fresh batch of economic data, followed by earnings release,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said on Monday.
“[T]he Philippine January consumer price index will be released [today], with many expecting this to further moderate from the previous month,” he added. Trading activity inched higher as 425.46 million shares valued at P5.26 billion changed hands. Gains were aided by net foreign buying of nearly P128 million.
READ: Inflation cools further, pegged at low 2.8% in January
Meanwhile, PSE subsectors were mixed as services, industrial and property stocks climbed while mining and oil, holding firms and financials slumped. International Container Terminal Services Inc. was the top traded stock as it rose 3.15 percent to P255.80 per share.
BDO Unibank Inc. was up 0.07 percent; Bank of the Philippine Islands, down 0.95 percent; SM Prime Holdings Inc., up 0.89 percent; and GT Capital Holdings Inc., up 3.88 percent.
READ: Asian stocks slump as traders dial back rate cut bets
Metropolitan Bank & Trust Co. was up 1.14 percent; SM Investments Corp., down 1.53 percent; Ayala Corp., down 0.15 percent; Monde Nissin Corp., up 1.27 percent; and Century Pacific Food Inc., up 3.23 percent.
There were 101 losers against 81 advancers while 52 companies closed unchanged. INQ
