Inflation hopes lift PSEi
Expectations that inflation slowed in May provided a boost for investors on Monday, allowing the bourse to climb, although its gains were tempered by new trade developments abroad.
By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) had added 0.18 percent, or 11.13 points, to close at 6,352.66.
Likewise, the broader All Shares Index climbed by 0.53 percent, or 19.79 points, to 3,743.41.
A total of 617.85 million shares worth P7.1 billion changed hands, stock exchange data showed. Foreigners also helped lift the index, with inflows totaling P418.29 million.
Japhet Tantiangco, research head at Philstocks Financial Inc., said investors were particularly optimistic about estimates that inflation rate last month remained below the government’s 2- to 4-percent target range.
At the same time, however, Tantiangco noted that the mood was slightly dampened by US President Donald Trump’s move to double tariffs on steel and aluminum imports to 50 percent.
Globe Telecom Inc. was the top-traded stock as it added 1.69 percent to P1,800, followed by Bank of the Philippine Islands, up 0.5 percent to P139.80; BDO Unibank Inc., up 0.62 percent to P162; Bloomberry Resorts Corp., up 5.26 percent to P4.40; and International Container Terminal Services Inc., up 0.49 percent to P412 each.
Others were Jollibee Foods Corp., up 2.87 percent to P229.40; Metropolitan Bank and Trust Co., up 1.5 percent to P74.65; DigiPlus Interactive Corp., up 5.01 percent to P55.50; SM Investments Corp., up 0.36 percent to P838; and First Gen Corp., which surged by 16.48 percent to P19.22 after it announced the sale of 60 percent of its gas business to Enrique Razon Jr.-led Prime Infrastructure Capital Inc.
