Inflation fears keep weighing down on PSEi

Philippine Stock Exchange, Bonifacio Global City. INQUIRER PHOTO/LYN RILLON

The local stock market extended its losing streak on Friday as expectations of a higher inflation rate in April continued to haunt investors, causing the benchmark index to fall closer to the 6,500 level.

The Philippine Stock Exchange Index (PSEi) slipped by 0.47 percent, or 31 points, to 6,615.55 by the end of the session.

Likewise, the broader All Shares Index went down by 0.18 percent, or 6.41 points, to 3,498.17.

A total of 764.55 million shares valued at P6.37 billion changed hands, stock exchange data showed.

Foreign investors further pulled down the market after registering a net outflow of P1.29 billion.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said traders also “capitalized on gains amid mounting worries over potential inflation spikes in April, largely fueled by persistent upticks in food prices, notably rice and meat.”

Lingering anxiety over inflation stemmed from the Bangko Sentral ng Pilipinas’ latest projection saying that the April rate, which will be released on May 7, may have exceeded the government’s target range, past 4 percent.

Ayala Land Inc., the Zobel family’s listed property arm, was the top-traded stock as it declined by 3.07 percent to P26.85 each.

It was followed by Jollibee Foods Corp., down 3.1 percent to P219; BDO Unibank Inc., up 1.51 percent to P148.30; International Container Terminal Services Inc., down 1.72 percent to P342; and DigiPlus Interactive Corp., up 9.24 percent to P13.48 per share.

SM Investments Corp. was up 0.64 percent to P942; SM Prime Holdings Inc., down 1.97 percent to P27.40; Metropolitan Bank and Trust Co., down 0.42 percent to P71.60; and Bank of the Philippine Islands, down 1.1 percent to P126.10. Manila Electric Co. was unchanged at P365.

Overall, there were 94 winners against 93 losers, while 55 companies were unchanged at closing, stock exchange data also showed.