PH shares bounce ahead of inflation data

Philippine shares finally made a comeback and neared 6,900 on Tuesday after two sessions in the red as investors gained courage while waiting for new inflation data.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) went up by 0.66 percent, or 45.07 points, to 6,898.17. The broader All Shares Index also increased by 0.57 percent, or 20.34 points, to 3,598.55.

Stock exchange data showed that 698.88 million shares valued at P7.62 billion changed hands.“Philippine shares made a furious comeback with the quarter drawing to a close, with the help of the region’s strong gains from last week,” said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.

The trading week will be shortened due to the upcoming Holy Week holidays. Meanwhile, local March inflation data will be released on April 5, just days ahead of the Bangko Sentral ng Pilipinas’ monetary policy meeting on April 8.

International Container Terminal Services Inc. was the top-traded stock as it jumped by 2.14 percent to P324 per share.

It was followed by BDO Unibank Inc., down 1.5 percent to P151 per share; Bank of the Philippine Islands, down 1.01 percent to P118; Metropolitan Bank and Trust Co., down 0.76 percent to P65.20; and SM Investments Corp., up 0.2 percent to P982 per share.

Jollibee Foods Corp. declined by 1.32 percent to P254 per share; Ayala Corp., up 1.12 percent to P630; Ayala Land Inc., up 0.47 percent to P32.05; SM Prime Holdings Inc., up 2.48 percent to P33; and Aboitiz Power Corp., down 2.23 percent to P35 per share.

Overall, there were 98 advancers against 99 losers, while 48 companies closed unchanged, stock exchange data showed. —Meg J. Adonis INQ