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Abstract:Philippine stocks fall as April's inflation accelerates. Investors await upcoming economic growth data.
Metro Manila, Philippines, worries about April's higher inflation rate drove Tuesday's Philippine stock market closer to the 6,500 mark. Closed at 6,618.58, down 33.91 points, the Philippine Stock Exchange Index (PSEi) is down 0.51 percent.
As the All Shares Index also dropped by 0.31 percent, shedding 10.76 points to close at 3,505.75, this declining trend permeated the larger market.
Almost 7.90 billion shares valued at P11.50 billion changed hands on the stock market today.
March's 3.7 percent inflation in the Philippines increased to 3.8 percent in April. Increased food and transportation costs were the main cause of the rise, the Philippine Statistics Authority said. According to market researcher Plopenio, investors are now focusing on the impending local economic growth data, which will be revealed on Thursday, owing to the recent surge in inflation.
Leading the most frequently traded stocks was International Container Terminal Services Inc., which rose 0.92 percent to P350.20 per share, owned by Enrique Razon Jr. SM Prime Holdings Inc. had a sharp decline of 4.94 percent to P26, while Universal Robina Corp. rose 3 percent to P110.
Across big firms, investment results were uneven. BDO Unibank Inc. was flat at P148.30, while SM Investments Corp. increased by 0.32 percent to P947.50. On the negative side, Ayala Land Inc. and Ayala Corp. fell 1.12% and 1.85%, respectively, as did the Bank of the Philippine Islands and Metropolitan Bank and Trust Company.
The 98 decliners compared to the 86 advancers indicated a generally pessimistic market mood. 54 companies, meanwhile, closed the day unchanged.
Investors are cautious as the market reacts to the most recent inflation data; many are looking forward to the next economic growth report, which may have a huge impact on future market moves.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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