PH shares dip after inflation accelerates
The benchmark Philippine Stock Exchange index (PSEi) tilted lower on Tuesday after the government reported that March inflation accelerated to 4 percent.
The PSEi sank 0.10 percent, or 7.14 points, to 7,156.07 while the broader all-shares index was nearly flat at 3,797.43.
Trading volume improved marginally from the previous session’s low figure of P3.87 billion, highlighting continued indecision from investors amid external uncertainties from the Russian invasion of Ukraine.
The Philippine Statistics Authority said on Thursday that March headline inflation jumped to 4 percent, touching the top end of the government’s 2-4 percent target range.
Food, utilities and transport costs went up amid the surge in oil prices.
Inflation forecasts from economists compiled by the Inquirer ahead of Tuesday’s data release showed March consumer price increase expectations of 3.3 percent to as much as 4.4 percent.
PSE subsectors were mixed with financials and mining and oil moving higher while industrial, holding firms and services closed negative.
Article continues after this advertisementA total of 1.11 billion shares valued at P4.17 billion changed hands, PSE data showed. There were 88 gainers versus 82 losers while 57 companies closed unchanged.
Article continues after this advertisementConverge ICT Solutions Inc. was the most actively traded on Tuesday as it gained 1.21 percent to P29.30 per share.
It was followed by Ayala Land Inc., down 1.27 percent to P34.85; SM Investments Corp., down 0.11 percent to P889; Globe Telecom, down 3.12 percent to P2,420; and BDO Unibank Inc., up 1.68 percent to P133.40 per share.
Other heavy movers were Bloomberry Resorts Corp., down 2.98 percent to P6.18; Aboitiz Equity Ventures Inc., flat at P60; International Container Terminal Services Inc., up 0.53 percent to P226; Union Bank of the Philippines, up 2.22 percent to P101.50; and PLDT Inc., up 0.17 percent to P1,818 per share.
