PSEi ends flat amid January inflation uptick
MANILA, Philippines — The local stock barometer ended marginally higher on Thursday as investors took cues from rising inflation and an improved sovereign credit outlook.
The benchmark Philippine Stock Exchange Index (PSEi) rose by 0.14 percent or 9.09 points to close at 6,382.04.
The market took into account the January inflation data that came in at 2 percent, the highest print in 11 months but still at the low end of the central bank’s target range.
READ: Philippine inflation rate hits 11-month high of 2% in January
Still, sentiment was supported by S&P Global Ratings’ view that the Philippines remained on track for a possible credit rating upgrade. This helped offset thin trading conditions during the session.
READ: Philippine dream of ‘A’ rating still possible despite graft fallout
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the PSEi ended almost flat following the release of a slightly higher-than-expected inflation rate.
“Market sentiment remained cautious as investors digested the inflation data. Attention turned to the potential impact of these figures on the upcoming BSP policy meeting,” Limlingan said.
Net foreign selling
Philstocks financial research manager Japhet Tantiangco said value turnover slipped to P5.31 billion, while foreign investors were net sellers, recording net outflows of P22.65 million.
Sectoral performance was mixed, with services leading the gainers, up 0.57 percent.
READ: More drops for technology stocks weigh on Wall Street
Mining and oil stocks lagged the market, retreating 1.09 percent.
Market breadth was slightly positive as advancers edged out decliners, 98 to 90.
DigiPlus Interactive Corp. led index gainers, surging 6.87 percent to P14.94.
Converge ICT Solutions Inc. was the session’s worst performer, sliding 3.36 percent to P14.40. /dda
