MANILA, Philippines — Investors brushed off faster inflation on Friday as they continued to stock up on cheap shares. This pushed the Philippine Stock Exchange Index (PSEi) closer to the 6,200 level.
By the closing bell, the benchmark PSEi had climbed 0.69 percent or 42.21 points to end at 6,149.13.
Likewise, the broader All Shares Index added 0.4 percent or 14.79 points to close at 3,692.71.
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A total of 2.23 billion shares worth P5.88 billion changed hands, stock exchange data showed.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors continued to take advantage of “relatively attractive” stock prices, especially after the bourse’s recent five-session losing streak slashed prices.
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This, even as inflation in August sizzled to 1.5 percent as heavy monsoon rains resulted in higher food costs, specifically vegetable prices.
Still cooler than target range
The latest inflation print, while faster than the 0.9 percent in July, was still within the government target range of 2 to 4 percent.
International Container Terminal Services Inc. was the most actively traded stock as it climbed 2.69 percent to P487.80 each. It was followed by Globe Telecom Inc., down 0.06 percent to P1,575; BDO Unibank Inc., down 0.45 percent to P133.40; Metropolitan Bank and Trust Co., down 3 percent to P69.50; and SM Investments Corp., up 0.66 percent to P763.50 each.
Others were Bank of the Philippine Islands, up 1.27 percent to P111.60; Synergy Grid and Development Phils Inc., up 0.87 percent to P16.26; JG Summit Holdings Inc., up 2.13 percent to P24; Ayala Land Inc., up 2.12 percent to P28.90; and Ayala Corp., up 0.18 percent to P549 per share.
Losers outnumbered gainers, 102 to 95, while 60 companies closed flat, stock exchange data also showed. /rwd
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