Investors stay on sidelines; index clings to 6,600

MANILA — Philippine shares traded sideways on Tuesday as investors absorbed more first-quarter income reports, with the benchmark index clinging to the 6,600 level.

The Philippine Stock Exchange Index (PSEi) gained 0.06 percent, or 4.11 points, to 6,608.36 by the closing bell.

The broader All Shares Index likewise inched up by 0.12 percent, or 4.15 points, to 3,511.91.

Value turnover was at P4.92 billion for 498 million shares, stock exchange data showed.

Several companies also released their first-quarter earnings report ahead of the deadline for filing today, May 15.

Among them was Zobel family-led conglomerate Ayala Corp., whose earnings during the period grew by 28 percent to P13 billion.

Tony Tan Caktiong-led Jollibee Foods Corp. also booked a 27-percent rise in earnings to P2.62 billion.

READ: Asian shares mixed in muted trading after Wall Street barely budges

AP Securities Inc. research head Alfred Benjamin Garcia said traders were also anticipating the Bangko Sentral ng Pilipinas’ latest policy rate stance, which will be released on Thursday.

Top-traded stock

Sy-led SM Investments Corp. was the top-traded stock as it went up by 0.23 percent to P887 each.

It was followed by International Container Terminal Services Inc., down 2.11 percent to P353.40; Ayala Land Inc., up 0.90 percent to P28; BDO Unibank Inc., down 1.20 percent to P140.10; and SM Prime Holdings Inc., up 1.49 percent to P27.20.

Globe Telecom Inc. gained by 1.64 percent to P1,860 despite lower net income during the first quarter; Universal Robina Corp., down 1 percent to P109.20; DigiPlus Interactive Corp., up 1.46 percent to P13.94; Jollibee, up 0.18 percent to P219.20; and Ayala, up 1.80 percent to P593.50 per share.

Losers edged out advancers, 98 to 94, while 39 companies closed unchanged, stock exchange data also showed. INQ