PSEi finishes higher amid inflation, global economy concerns

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) continued to rise on Wednesday despite concerns over the global economy and rising domestic inflation.

The PSEi rose 0.27 percent, or 16.69 points, to 6,241.69 while the broader All Shares index added 0.24 percent, or 8.11 points, to 3,368.25.

“Philippine shares still managed to eke out modest gains, despite rising oil prices after Saudi Arabia and Russia extended their voluntary supply cuts. Another factor that dragged equities was the jump in treasury yields,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Wednesday.

A total of 459.9 million shares valued at P3.84 billion changed hands while foreigners were net sellers of an amount totaling P664 million, data from the stock exchange showed.

Mining and oil and property slumped while holding firms pushed higher alongside services, industrial and financials.

Century Pacific Food Inc. was the top traded stock as it added 1.57 percent to P29.10 per share.

It was followed by BDO Unibank Inc., down 0.65 percent to P137.70; Ayala Corp., down 1.27 percent to P620; Bank of the Philippine Islands, up 0.77 percent to P105; and GT Capital Holdings Inc., flat at P575 per share.

SM Prime Holdings Inc. was up 0.17 percent to P29.80; Bloomberry Resorts Corp., up 2.90 percent to P11.36; PLDT Inc., down 0.08 percent to P1,201; Universal Robina Corp., down 0.85 percent to P116.90; and Ayala Land Inc., down 0.87 percent to P28.35 per share.

Overall, there were 95 losers against 91 advancers while 40 companies closed unchanged.