MANILA, Philippines — Philippine shares fell closer to the 6,500 level on Tuesday as investors absorbed the faster inflation rate recorded in April.
The benchmark Philippine Stock Exchange Index (PSEi) slipped by 0.51 percent, or 33.91 points, to 6,618.58.
Likewise, the broader All Shares Index declined by 0.31 percent, or 10.76 points, to 3,505.75.
A total of 7.90 billion shares valued at P11.50 billion changed hands, stock exchange data showed.
READ: April inflation quickens to 3.8%, still within target range
“Investors exercised caution amid the continuous climb of inflation at home, nearing the upper end of the government’s 2- to 4-percent target range,” said Mikhail Plopenio, researcher at Philstocks Financial Inc.
READ: Asian shares mostly higher, though China benchmarks falter
Inflation quickened to 3.8 percent in April from 3.7 percent in March on higher food prices and transportation costs, according to the Philippine Statistics Authority.
Economic growth
Investors are now looking toward local economic growth data that will be released on Thursday, May 9, Plopenio said.
Tycoon Enrique Razon Jr.’s International Container Terminal Services Inc. was the top-traded stock as it gained by 0.92 percent to P350.20 each.
It was followed by Universal Robina Corp., up by 3 percent to P110; SM Prime Holdings Inc., down 4.94 percent to P26; SM Investments Corp., up 0.32 percent to P947.50; and BDO Unibank Inc., which was unchanged at P148.30.
Ayala Land Inc. was down 1.12 percent to P26.50; Ayala Corp., down 1.85 percent to P585; Bank of the Philippine Islands, down 1.57 percent to P125; Metropolitan Bank and Trust Co., down 2.10 percent to P70; and Jollibee Foods Corp., up 1.83 percent to P223 each.
Losers edged out advancers, 98 to 86, while 54 companies closed unchanged.