PSEI climbs past 6,500 despite faster inflation
MANILA, Philippines — Investors continued to shrug off faster inflation on Thursday, lifting the local bourse just above the 6,500 level.
By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) climbed by 1.06 percent, or 68.54 points, to close at 6,509.86. Likewise, the broader All Shares Index rose by 1.05 percent, or 36.10 points, to 3,489.79.
A total of 332.39 million shares worth P4.64 billion changed hands, while foreigners made net purchases of P38.83 million, stock exchange data showed.
Data from the Philippine Statistics Authority showed that inflation accelerated to 3.9 percent last month versus 3.8 percent in April on higher prices of goods.
READ: May inflation rises to 3.9%, highest in five months
The unemployment rate in the country likewise rose to 4 percent in April, translating to 2.04 million jobless Filipinos, from 3.9 percent in March.
Article continues after this advertisementFed rate cut signals
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said traders were encouraged by signals of an earlier policy rate cut from the US Federal Reserve.
Article continues after this advertisementOnly mining companies were in the red as the sub-sector slipped by 0.34 percent.
READ: April unemployment rate at 4%, up from 3.9% in March
Ports tycoon Enrique Razon Jr.’s International Container Terminal Services Inc. was the top-traded stock as it rallied by 5.61 percent to P353.80 each.
It was followed by Ayala Land Inc., up by 0.54 percent to P28; Aboitiz Equity Ventures, up 0.53 percent to P37.90; SM Investments Corp., up 0.12 percent to P851; and Converge ICT Solutions Inc., down 2.07 percent to P10.40 per share.
Sy family-led BDO Unibank Inc. was unchanged at P138 each. Other actively traded stocks were Jollibee Foods Corp., up 2.6 percent to P228.80; SM Prime Holdings Inc., up 0.74 percent to P27.10; Metropolitan Bank and Trust Co., up 1.4 percent to P68.60; and Bank of the Philippine Islands, unchanged at P120 each. There were 102 advancers and 81 losers. —MEG J. ADONIS
