Investors listless ahead of two-day holiday break
TRADING FLOOR Inside the Philippine Stock Exchange Tower in Bonifacio Global City—PSE FILE PHOTO
MANILA, Philippines — Philippine shares stayed relatively flat on Monday, the first day of a shortened trading week, after the Bangko Sentral ng Pilipinas (BSP) retained its monetary policy rate amid high inflation.
By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) dipped by 0.07 percent, or 4.39 points, to 6,741.07. The broader All Shares Index, meanwhile, gained by 0.12 percent, or 4.41 points, to 3,559.59.
A total of 571.46 million shares valued at P4.26 billion changed hands, stock exchange data showed.
READ: BSP keeps tight monetary policy on hotter March inflation
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said that while shares traded quietly, trading may pick up after the two-day holiday, especially after the BSP has retained key interest rates at 6.5 percent.
Inflation in March accelerated to 3.7 percent from 3.4 percent in February on higher vegetable, meat and rice prices.
READ: March inflation rate rose to 3.7% as rice price hikes hit 15-year high
Zobel family-led Ayala Land Inc. was the top-traded stock as it went down by 2.78 percent to P29.75 each.
It was followed by Ayala Corp., down 0.97 percent to P614 per share; Aboitiz Equity Ventures, up 0.59 percent to P42.90; Semirara Mining and Power Corp., which slid by 11 percent to P29.95; and SM Prime Holdings Inc., up 3.27 percent to P31.60.International Container Terminal Services Inc. was unchanged at P326 per share; SM Investments Corp., went down 0.51 percent to P970; Bank of the Philippine Islands, up 0.26 percent to P114.50; DigiPlus Interactive Corp., down 3.12 percent to P13.04; and Security Bank Corp., down 0.14 percent to P69.20.
Overall, there were 104 advancers against 88 losers, while 52 companies closed unchanged, stock exchange data showed. —Meg J. Adonis INQ
