PSEi flat as investors await US inflation report

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) held steady above 6,200 on Tuesday as investors weighed a government proposal to cushion higher food prices while hoping for favorable US inflation data.

By the closing bell, the PSEi was down 0.06 percent, or 3.54 points, to 6,230.20 while the broader All Shares index slipped 0.12 percent, or 4.02 points, to 3,359.43.

“Philippine shares traded sideways ahead of the key US inflation data release, which comes out [Wednesday] night. Many are projecting US CPI (consumer price index) to creep up to 3.6 percent based on the latest median estimate of Bloomberg,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors.

“Locally, investors’ sentiment improved on the back of a proposed reduction in rice import tariffs and possible pause in local policy rates,” he added.

Market activity remained lackluster as 535.63 million shares valued at P3.97 billion changed hands while net foreign selling accelerated to P961.5 million, data from the stock exchange showed.

PSE subsectors were mixed as mining and oil, financials and industrial counters pushed higher while services, holding firms and property slipped.

BDO Unibank Inc. was the top traded stock as it added 0.84 percent to P132.60 per share.

It was followed by Bank of the Philippine Islands, up 1.51 percent to P107.50; International Container Terminal Services Inc., down 0.95 percent to P209; PLDT Inc., down 1.92 percent to P1,172; and GT Capital Holdings Inc., flat at P590 per share.

Semirara Mining and Power Corp. was up 1.34 percent to P34.10; ACEN Corp., down 3.87 percent to P4.72; Aboitiz Power Corp., down 0.89 percent to P33.45; SM Prime Holdings Inc., up 0.66 percent to P30.35; and Ayala Corp., up 0.32 percent to P625 per share.

Overall, there were 95 losers against 79 advancers while 61 companies closed unchanged.