Bulls fail to knock down 7,000 as inflation risks emerge

Bulls fail to knock down 7,000 as inflation risks emerge

/ 02:01 AM March 02, 2024

Positive news ends Feb with sustained gains at PSEi

MANILA, Philippines  The Philippine Stock Exchange Index (PSEi) saw a pullback on Friday after the bulls launched another unsuccessful attempt to break out above 7,000.

By the closing bell, the PSEi shed 0.36 percent, or 25.12 points, to 6,919.59 while the broader All Shares index closed at 3,609.21, up 0.004 percent or 0.15 points.


Philstocks Financial Inc. research analyst Claire Alviar said the stock market was weighed down by selling late in the session.


“The possibility that the inflation rate in February would be higher than in January weighed on sentiment,” she said.

READ: BSP sees faster but still on-target inflation for Feb

“Meanwhile, the market traded mostly in the green territory attributed to the positive cues from the US markets as the US’ personal consumption expenditures price index for January came in line with expectations,” she added.

READ: US Fed’s favored inflation gauge ticks lower in January

Data from the stock exchange showed 910.48 million shares valued at P5.63 billion changing hands while foreigners were net buyers of an amount worth P677.2 million.

Subsectors were mostly lower, led by financials (-0.82 percent) and services (-0.74 percent). Property and industrial stocks rose 1.21 percent and 0.16 percent, respectively.


ICTSI tumbles

International Container Terminal Services Inc. was the most active stock as it slipped 2.01 percent to P283.20 per share.

It was followed by BDO Unibank Inc., up 0.65 percent to P154; Bank of the Philippine Islands, down 2.48 percent to P122; Metropolitan Bank & Trust Co., down 1.69 percent to P60.95; and Ayala Land Inc., down 0.57 percent to P34.80 per share.

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SM Investments Corp. was down 0.32 percent to P937; Manila Water Co Inc., up 5.97 percent to P20.60; SM Prime Holdings Inc., up 2.69 percent to P32.45; Ayala Corp., up 1.92 percent to P691; and Robinsons Land Corp., up 2.93 percent to P16.86 per share.

Overall, there were 109 advancers against 78 losers while 49 companies closed unchanged.

TAGS: Business, Inflation, PSEi, Stock Market

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