Index edges up ahead of inflation report

MANILA, Philippines - The local benchmark index picked up a modest gain yesterday, finishing flat ahead of the upcoming local inflation data this week.

The Philippine Stock Exchange index (PSEi) edged up 0.03 percent or 2.59 points to close at 7,776.51 while the broader all shares index picked up 0.006 percent or 0.28 points to finish at 4,525.07.

“Positive momentum was maintained, ahead of the release of  February’s inflation this Thursday,” said Jason Escartin, investment analyst at F Yap Securities Inc.

Some analysts attributed the local market’s positive showing to the strong lead provided by Wall Street.

The S&P 500 and the Dow both reached record high levels overnight while the Nasdaq breached the 5,000 mark for the first time since 2000.

Asian shares, however, failed to took advantage of the upbeat US stocks as Asian shares generally ended lower.

Local counters were mixed at three apiece. Financial firms led the counters on the green as it increased 0.49 percent while services firms sagged by 0.49 percent as well.

Value turnover remained flat at the P8 billion level with one billion shares changing hands.

Market breadth, however, was positive as advancers dominated decliners 102 to 68, while 50 stocks were unchanged.