Faster inflation in US kept PSEi in the red

The local bourse mirrored declines overnight at Wall Street after the United States’ latest inflation data turned out higher than expected.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) slid by 0.37 percent or 24.84 points to close at 6,616.51.

The PSEi also briefly touched 6,500 within the day before eventually reentering the 6,600 mark.

Likewise, the broader All Shares Index shed 0.09 percent or 3.34 points to 3,752.73.

A total of 1.2 billion shares worth P5.02 billion changed hands, stock exchange data showed. Foreigners also shed stocks, with foreign outflows totaling P601.88 million.

Japhet Tantiangco, research head at Philstocks Financial Inc., said the local market took cues from declines in major US exchanges following reports of higher inflation.

Traders are also looking at cues regarding the US Federal Reserve’s next monetary policy stance, which is often mirrored by the Bangko Sentral ng Pilipinas.

The subsectors closed mixed, with investors shedding stocks of conglomerates the most. Meanwhile, traders snapped up the shares of mining firms.

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BDO Unibank Inc. was the top-traded stock, rising by 1.21 percent to P150 per share, followed by Ayala Land Inc., down 1.3 percent to P26.60; Bank of the Philippine Islands, down 1.93 percent to P132; International Container Terminal Services Inc., up 0.51 percent to P397; and Universal Robina Corp., down 0.06 percent to P77.45 each.

Other actively traded stocks were DigiPlus Interactive Corp., up 2.25 percent to P25; Ayala Corp., down 1.92 percent to P614; Dito CME Holdings, up 8.57 percent to P1.52; SM Prime Holdings Inc., up 0.38 percent to P26.20; and SM Investments Corp., down 1.66 percent to P888 per share.

Gainers outnumbered losers, 103 to 88, while 52 companies closed unchanged, stock exchange data also showed.