PSEi slips by 0.48%

The benchmark Philippine Stock Exchange Index (PSEi) dropped on Tuesday as the Philippine government reported that inflation slowed in September.

By the closing bell, the PSEi was down 0.48 percent or 28.31 points to 5,910.64 while the broader all shares index was down 0.42 percent, or 15.09 points, to 3,543.73.

The Philippine Statistics Authority said on Tuesday that September headline inflation slowed to 2.3 percent versus 2.4 percent the previous month.

This indicted stable prices but also possible weak consumer demand amid the COVID-19 pandemic and economic recession.

On Tuesday, all sub counters declined led by industrial and financials, down 1.41 percent and 1.11 percent, respectively.

Data from the PSE showed some 2.09 billion shares valued at P8.1 billion changing hands. A total of 144 firms declined while 57 gained and 53 closed unchanged.

Dito CME Holdings was the most actively traded on Tuesday as it closed flat at P6.81 per share.

It was followed by NOW Corp., up 13.44 percent to P4.98, Metro Pacific Investments Corp., up 0.79 percent to P3.83, Chelsea Logistics and Infrastructure, down 4.07 percent to P5.90, and PLDT Inc., unchanged at P1,339 per share. INQ