Investors gamble on stocks ahead of inflation news

MANILA, Philippines — Investors bought cheap stocks ahead of the announcement of the inflation report for May, giving the Philippine Stock Exchange Index (PSEi) a boost during the first day of trading for the week.

The benchmark PSEi climbed by 0.59 percent, or 37.64 points, to close at 6,470.74 while the broader All-Shares index rose by 0.21 percent, or 7.18 points, to settle at 3,471.05.

“Investors now await the Philippine consumer price index release on June 5,” Regina Capital Development Corp. head of sales Luis Limlingan said.

The Bangko Sentral ng Pilipinas estimates that inflation in May will settle within the 3.7 percent to 4.5 percent range due to rising electricity rates and vegetable prices. Inflation was at 3.8 percent in April.

READ: Above-target inflation seen likely in May

Subsectors were mixed. Financials, property, and mining and oil indices booked gains while the rest declined.

Over 939 million shares valued at P6.78 billion were traded. Losers led winners, 103 to 90, while 45 were unchanged.

The most actively traded shares belonged to MREIT Inc., which jumped by 0.16 percent to P12.58 each.

This was followed by Aboitiz Equity Ventures, up 5.28 percent to P36.90; SM Investments Corp., down 1.95 percent to P853; International Container Terminal Services Inc., down 1.05 percent to P338; Ayala Land Inc., up 4.76 percent to P27.50; and BDO Unibank Inc., up 6.15 percent to P138.

Other active names were Universal Robina Corp., down 0.93 percent to P106; Ayala Corp., down 0.08 percent to P594.50; Converge ICT Solutions, up 2.97 percent to P11.08; and Metropolitan Bank & Trust Co., up 6.20 percent to P65.90. —Tyrone Jasper C. Piad INQ

Read more...