Inflation jitters weigh down PH shares

Philippine stocks slipped for a second session in a row on Wednesday as sticky inflation data nagged on investors.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) tumbled by 1.39 percent, or 96.61 points, to 6,863.82. The broader All Shares Index likewise declined by 1.03 percent, or 37.33 points, to 3,589.38.

A total of 701.33 million shares valued at P4.29 billion changed hands, stock exchange data showed.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said shares tumbled due to disappointing inflation data.

The Bangko Sentral ng Pilipinas has said that March inflation may settle between the range of 3.4 percent to 4.2 percent, which means the readout will be most likely higher than February’s 3.4 percent.

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All subsectors went down, with property companies losing the most (down 2.67 percent) as Sy-led SM Prime Holdings Inc. and the Zobel family’s Ayala Land Inc. declined.

SM Investments Corp. was the top-traded stock as it went down by 1.06 percent to P980.50 per share. INQ