Cooler inflation pushes PSEi past 6,100
Investors cheered slower inflation on Wednesday and lifted the benchmark index above 6,100, extending the local bourse’s winning streak.
The Philippine Stock Exchange Index (PSEi) climbed by 0.95 percent, or 57.66 points, to close at 6,121.77, marking three consecutive sessions of gains.
Likewise, the broader All Shares Index added 0.98 percent, or 35.58 points, to 3,664.54.
A total of 588.26 million shares worth P7.35 billion changed hands, stock exchange data showed. Foreigners were net sellers, with foreign outflows totaling P105.8 million.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said this came as inflation in February cooled to 2.1 percent from 2.9 percent in January.
The Philippine Statistics Authority reported that this was due to lower prices of food and utilities.
Save for services firms, all subsectors ended positive. Property firms led the gainers as both Ayala Land Inc. (ALI) and SM Prime Holdings Inc. rallied by more than 3 percent each.
International Container Terminal Services Inc. was the top-traded stock as it shed 0.88 percent to P337, followed by BDO Unibank Inc., up 1.26 percent to P152.90; ALI, up 6.16 percent to P23.25; Ayala Corp., up 2.98 percent to P570; and SM Prime, up 3.51 percent to P23.60 each.
Metropolitan Bank and Trust Co. was down 4.62 percent to P70.15; JG Summit Holdings Inc., up 8.96 percent to P17.76; Jollibee Foods Corp., flat at P252; Bank of the Philippine Islands, up 1.18 percent to P128.50; and SM Investments Corp., down 0.37 percent to P805 per share.
