Cooler inflation fails to perk up shares

Cooler May inflation failed to lift the bourse on Thursday, with the benchmark index barely moving due to selling at big index names.

By the end of the session, the main share Philippine Stock Exchange Index (PSEi) was nearly flat as it shed 0.03 percent, or 1.77 points, to close at 6,376.79.

Meanwhile, the broader All Shares Index added 0.28 percent, or 10.64 points, to 3,779.22.

A total of 912.5 million shares worth P6.31 billion changed hands, stock exchange data showed.

Japhet Tantiangco, research head at Philstocks Financial Inc., said the decline was due to selling at index heavyweights, such as BDO Unibank Inc. (down 1.02 percent to P155.80) and SM Investments Corp. (down 0.12 percent to P850), as traders booked profits ahead of the long weekend.

This offset the optimism over inflation slowing to 1.3 percent in May from 1.4 percent in April due to lower utility costs.

Property firms were the top gainers as Ayala Land Inc. (ALI) and SM Prime Holdings Inc. both climbed.

International Container Terminal Services Inc. was the most actively traded stock as it shed 0.49 percent to P409, followed by BDO; Bloomberry Resorts Corp., down 0.99 percent to P5; China Banking Corp., down 9.13 percent to P65.70; and ALI, up 1.46 percent to P24.25.

Others were: Aboitiz Power Corp., up 3.94 percent to P39.60; DigiPlus Interactive Corp., up 4.73 percent to P62; Bank of the Philippine Islands, flat at P140; Converge ICT Solutions Inc., up 3.45 percent to P21; and SM Prime, up 1.09 percent to P23.20 each.

There were 101 losers against 100 advancers, while 48 companies were unchanged at closing, stock exchange data also showed.