PSEi keeps rising on inflation optimism

Optimism about inflation continued to give a boost to the Philippine Stock Exchange Index (PSEi) on Tuesday. The benchmark index again climbed past the 6,400 mark.

By the closing bell, the main share PSEi had climbed by 0.95 percent, or 60.2 points, to 6,412.86.

Likewise, the broader All Shares Index added 0.74 percent, or 27.54 points, to close at 3,770.95.

A total of 739.36 million shares worth P6 billion changed hands, stock exchange data showed. Foreigners also made net purchases worth P168.83 million.

Luis Limlingan said the bourse’s gain was due to “broad market optimism” ahead of the release of May inflation data on Thursday. He is head of sales at stock brokerage house Regina Capital Development Corp.

Economists estimate that inflation stayed below the government’s 2- to 4-percent target range last month as rice prices fell.

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Only banks recorded a decrease due to a 2.04-percent decline at index heavyweight BDO Unibank Inc. to P158.70 each.

International Container Terminal Services Inc. was the most actively traded stock as it added 0.73 percent to P415 each. It was followed by Bloomberry Resorts Corp., which surged by 12.27 percent to P4.94 as investors eagerly anticipated its upcoming online gaming platform.

Others were Ayala Land Inc., up 1.06 percent to P23.75; Bank of the Philippine Islands, up 0.86 percent to P141; SM Prime Holdings Inc., up 2.83 percent to P23.60; Metropolitan Bank and Trust Co., up 2.08 percent to P76.20; DigiPlus Interactive Corp., up 1.8 percent to P56.50; Jollibee Foods Corp., up 0.52 percent to P230.60; and Universal Robina Corp., up 2.94 percent to P87.50 each.