PSEi pushes past 6,500 over US inflation thrill
The local bourse opened the week in green territory as traders awaited new inflation data in the United States that could steer interest rate policy direction.
The benchmark Philippine Stock Exchange Index (PSEi) added 0.56 percent, or 36.68 points, to close at 6,529.43 on Monday. Meanwhile, the broader All Shares Index gained 0.44 percent, or 15.43 points, to 3,524.42.A total of 447.30 million shares worth P5.63 billion changed hands as foreigners made net purchases worth P143.69 million, stock exchange data showed.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors were bracing themselves “for another week that could give hints to the timing of the [US Federal Reserve’s] rate cut.” A further cooling in US inflation is being expected for announcement this week.
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Any direction taken by the American central bank may be mirrored by the Bangko Sentral ng Pilipinas, which has been raising hopes of a possible rate cut in August.
Banks dominated the gainers with a 2.66-percent rise, buoyed by increases in Sy family-led BDO Unibank Inc., which was the top-traded stock as it surged by 4.47 percent to P145 each, and the Zobels’ Bank of the Philippine Islands (BPI), up by 2.94 percent to P122.50 per share.
Article continues after this advertisementBDO was followed by Ayala Land Inc., down 0.17 percent to P29.20; Metropolitan Bank and Trust Co., up 0.15 percent to P65.10; SM Investments Corp., down 0.59 percent to P845; and SM Prime Holdings Inc., down 0.52 percent to P28.50 each.
Article continues after this advertisementOther actively traded stocks were International Container Terminal Services Inc., down 1.39 percent to P355; PLDT Inc., up 2.31 percent to P1,504; Ayala Corp., unchanged at P568; LT Group Inc., down 1.08 percent to P9.20; and Aboitiz Equity Ventures, unchanged at P37 each.
Losers edged out gainers, 104 to 95, while 42 companies closed unchanged. —Meg J. Adonis INQ
