PSEI gives up 6,500 anchor on tense wait for US inflation

Philippine shares dipped below the 6,500 level on Wednesday, losing advances gained earlier in the week as investors sold shares while awaiting US inflation data.

The benchmark Philippine Stock Exchange Index (PSEi) fell by 1.03 percent, or 67.31 points, to close at 6,489.35. Meanwhile, the broader All Shares Index shed 0.80 percent, or 28.20 points, to 3,510.04.

A total of 413.15 million shares worth P6.22 billion changed hands, stock exchange data showed.

Francis Ferdinand Subido, senior research analyst at AP Securities Inc., said investors were “more cautious and looked to lock in gains as focus now shifted toward the upcoming US inflation numbers set to be released later this week.”

The local bourse’s decline broke a two-session winning streak that saw investors cheering the Bangko Sentral ng Pilipinas’ comments about an August rate cut.

All sectors were in the red, with industrial firms registering the steepest fall at 1.64 percent as index heavyweight Jollibee Foods Corp. dropped by more than 3 percent.

Zobel family-led developer Ayala Land Inc. was the top-traded stock as it declined by 1.19 percent to P29.05 per share.

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It was followed by Universal Robina Corp., unchanged at P115.50; Jollibee, down 3.81 percent to P222; BDO Unibank Inc., up 0.07 percent to P141; and Metropolitan Bank and Trust Co., down 0.46 percent to P65.35 each.

Other actively traded stocks were SM Investments Corp., down 1.23 percent to P846.50; SM Prime Holdings Inc., down 1.39 percent to P28.40; International Container Terminal Services Inc., down 1 percent to P356.40; Bank of the Philippine Islands, down 1.22 percent to P121.50; and JG Summit Holdings Inc., down 4.01 percent to P26.30.

Losers overpowered gainers, 111 to 62, while 62 other firms closed unchanged.