Shares trade sideways ahead of inflation data

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) was little-changed on Tuesday while trading activity was muted as investors stayed on the sidelines ahead of the release of July inflation data later this week.

By the closing bell, the PSEi added 0.04 percent, or 2.33 points, to 6,593.80 while the broader All Shares index slipped 0.02 percent, or 0.72 points, to 3,515.95.

The government is expected to release the latest consumer price index numbers on Friday, which will provide crucial data to the Bangko Sentral ng Pilipinas (BSP) before the next policy meeting on Aug. 17.

In a separate statement, the BSP said inflation likely cooled to 4.1 to 4.9 percent in July compared to 5.4 percent in June 2023.

READ: Inflation likely slowed further in July, says BSP

Data from the stock exchange showed 804.3 million shares valued at P3.96 billion changing hands while foreigners were net sellers amounting to nearly P132 million. Services and financials slumped while mining and oil, industrial and property climbed. Ayala Land Inc. was the top traded stock as it rose 2.55 percent to P28.10 per share.

It was followed by BDO Unibank Inc., up 0.62 percent to P146; International Container Terminal Services, Inc., down 3.13 percent to P210.20; Bank of the Philippine Islands, flat at P114.50; and SM Prime Holdings Inc., down 0.45 percent to P33.25 per share.

—Miguel R. Camus INQ