PSEI sinks again after subdued data

Investors remained cautious at the end of the trading week, especially after the release of local economic data that increased negative sentiment.

By the end of the session on Friday, the benchmark Philippine Stock Exchange Index (PSEi) neared the 6,400 level as it shed 0.47 percent, or 30.53 points, to 6,511.93.

The broader All Shares Index likewise declined by 0.13 percent, or 4.42 points, to 3,477.13.

Stock exchange data showed that value turnover was at P3.67 billion for 424.84 million shares.

“Philippine shares wrapped up the trading week on a downward note as investors exercised caution amid persistent concerns over inflation and elevated interest rates,” said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.

Data released by the Philippine Statistics Authority showed that inflation in April quickened to 3.8 percent from 3.7 percent in March.

Meanwhile, economic growth in the first quarter was slower than expected at 5.7 percent. The government was hoping for 6 to 7 percent.

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Sy family-led BDO Unibank Inc. was the top-traded stock as it went down by 2.12 percent to P138.80 each.

It was followed by PLDT Inc., up 3.69 percent to P1,405; SM Investments Corp., up 0.34 percent to P880; Universal Robina Corp., up 1.2 percent to P110; and International Container Terminal Services Inc., down 2.37 percent to P345.60.

Ayala Land Inc. also declined by 2.33 percent to P27.20; SM Prime Holdings Inc., down 0.74 percent to P26.75; Metropolitan Bank and Trust Co., up 0.29 percent to P68.70; Ayala Corp., up 0.77 percent to P587; and Bank of the Philippine Islands, down 0.65 percent to P122.20 per share.