Property giants hold down PSEi as US inflation battle persists

Bargain-hunting lifted the benchmark PSEi on Monday.—INQUIRER FILE PHOTO

MANILA  -The Philippine Stock Exchange index (PSEi) retreated on Thursday as US inflation woes weighed on investor sentiments, pulling down large property stocks.

The PSEi ended the session down 0.32 percent, or 20.55 points, to 6,448.87 while the broader All Shares index slipped 0.25 percent, or 8.75 points, to 3,466.52.

Wall Street also closed lower overnight after US consumer prices in March rose 0.1 percent, below the 0.2-percent average forecast by economists.

The core inflation print of 0.4 percent was in line with expectations but indicated further rate hikes were needed to tame the surge in prices.

Real estate giants Ayala Land Inc. and Robinsons Land Corp. dragged the market lower, pulling down the property subindex by 0.94 percent.

Holding firms and industrial stocks also sank 0.39 percent, followed by mining and oil, down 0.35 percent and financials, down 0.008 percent. Services rose 0.17 percent on Thursday.

A total of 967.73 million shares valued at P5.31 billion changed hands while foreigners were net sellers of an amount totaling P36 million, stock market data showed.

Ayala Land was the top traded stock as it tumbled 2.22 percent to P26.45 after plunging by as much as 6.1 percent earlier in the session.

BDO Unibank Inc. was up 0.61 percent to P131; SM Prime Holdings Inc., flat at P32.85; Jollibee Foods Corp., up 0.28 percent to P212.80; and International Container Terminal Services Inc., flat at P211 per share.

Overall, there were 124 losers against 65 advancers while 44 companies closed unchanged. —Miguel R. Camus