PSEi slides anew, inches closer to 6,100

The local bourse inched dangerously close to the 6,100 barrier on Tuesday amid expectations that inflation may have sizzled in August.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) had lost 0.19 percent, or 11.46 points, to close at 6,128.89.

Likewise, the broader All Shares Index shed 0.07 percent, or 2.52 points, to end at 3,681.03.

A total of 1.16 billion shares worth P5.6 billion changed hands, stock exchange data showed.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors priced in analysts’ estimates that inflation rate may have been faster in July due to higher electricity and transport costs, as well as an increase in vegetable prices.

The Philippine Statistics Authority is set to release the latest inflation print on Sept. 5.

Emperador Inc. was the most actively traded stock as it rose 1.72 percent to P16.60 per share, followed by Aboitiz Power Corp., up 1.87 percent to P43.50; SM Investments Corp., down 0.4 percent to P750; Ayala Land Inc., up 0.7 percent to P28.70; and Bank of the Philippine Islands, down 1.95 percent to P110.80 each.

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PhilWeb Corp. ballooned by 41.06 percent to P5.05 per share a day after the resignation of its president, Edgar Brian Ng, and the appointment of Antonio Hernandez as officer in charge.

SM Prime Holdings Inc. was flat at P23, International Container Terminal Services Inc. was down 0.21 percent to P480, DigiPlus Interactive Corp. declined 3.62 percent to P22.65 and Universal Robina Corp. also slid by 1.3 percent to P80 each.

Losers edged out gainers, 111 to 84, while 59 companies closed unchanged, stock exchange data also showed.