Healthy looking economic data buoy PSEi

High spirits over cooling inflation spilled over to Wednesday, with the local stock barometer drawing closer to the 6,400 barrier.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) had added 0.27 percent or 17.02 points to close at 6,370.65.

Likewise, the broader All Shares Index rose by 0.24 percent or 9.02 points to end at 3,779.96.

A total of 664.92 million shares worth P6.8 billion changed hands, stock exchange data showed. Foreigners were net buyers, with inflows totaling P211.85 million.

Japhet Tantiangco, research head at Philstocks Financial Inc., said investors continued to cheer the slow July inflation print. This was pegged at 0.9 percent, down from 1.4 percent in June. The July readout was the lowest since October 2019.

Also, a slight improvement in employment numbers added to the positive sentiment, Tantiangco added.

Services firms led the gainers as top-traded stock and index heavyweight International Container Terminal Services Inc. rallied by 4.57 percent to P481 each.

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It was followed by BDO Unibank Inc., down 0.69 percent to P143; DigiPlus Interactive Corp., down 6.12 percent to P23; Ayala Corp., up 0.08 percent to P595; and Metropolitan Bank and Trust Co., down 1.37 percent to P71.90 per share.

Others were Ayala Land Inc., down 2.6 percent to P26.20; Bank of the Philippine Islands, flat at P121.50; SM Investments Corp., down 0.3 percent to P825; RL Commercial REIT, up 2.16 percent to P8.05; and SM Prime Holdings Inc., down 2.05 percent to P23.90 each.

Gainers edged out losers, 93 to 84, while 63 companies closed unchanged, stock exchange data also showed.