Philippine shares teeter near 5,900 level

The Philippine Stock Exchange Index lingered dangerously close to the 5,900 barrier on Thursday amid expectations that inflation this month may have settled within the same level as that in September.

By the end of the session, the benchmark index lost 0.57 percent or 34.09 points to close at 5,929.68.

Likewise, the broader All Shares Index shed 0.33 percent or 11.93 points to end at 3,593.28.

A total of 655.71 million shares worth P4.97 billion changed hands, stock exchange data showed.

This, after the Bangko Sentral ng Pilipinas pegged October inflation to be within 1.4 percent to 2.2 percent. The BSP said this was due to the higher prices of rice, fish, vegetables and electricity. The central bank also attributed the possible acceleration to the depreciation of the peso.

Should the rate fall within the higher end of the projected range, it will be either the same or faster than September’s 1.7 percent.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors were cautiously waiting for this crucial data that would be released on Nov. 5.

Ayala Land Inc. was the most actively traded stock as it lost 1.24 percent to P19.90 each.

See Also

PSEi back in the green on bargain-hunting

It was followed by International Container Terminal Services Inc., down 0.28 percent to P530; BDO Unibank Inc., down 1.26 percent to P133.50; SM Investments Corp., down 0.55 percent to P729; and Metropolitan Bank and Trust Co., flat at P69.

Others were Bank of the Philippine Islands, up 0.76 percent to P105.40; Ayala Corp., up 1.12 percent to P468; SM Prime Holdings Inc., down 1.32 percent to P22.40; Manila Electric Co., up 0.86 percent to P585; and Puregold Price Club Inc., down 1.8 percent to P38.10 per share.

Losers outnumbered gainers, 95 to 82, while 64 companies closed flat, stock exchange data also showed.