PSEi slips ahead of May inflation release

MANILA, Philippines — Investors erred on the side of caution ahead of the release of the country’s May inflation data, resulting in a lower finish for the local stock market.

The benchmark Philippine Stock Exchange index  (PSEi) declined by 0.53 percent or 34.30 points to end yesterday’s session at 6,378.56, cutting short a two-day climb.

The broader All Shares index was likewise in the loss column, slipping by 0.06 percent or 2.37 points to settle at 3,768.58.

“Philippine investors sold ahead of the May CPI which is slated for release for Thursday as many are awaiting the final print before making any decisions,” Luis Limlingan of Regina Capital said.

Despite lingering policy and economic concerns, however, Wall Street inched up on Tuesday as optimism over US-China trade talks lifted sentiment, according to Limlingan.

Local sectors were mostly in the red, with mining and oil dropping by 0.99 percent and financials falling by 0.93 percent.

Meanwhile, services and holding firms increased by 0.35 percent and 0.09 percent, respectively.

Market breadth was positive as advancers squashed decliners, 115 to 78, while 45 issues were unchanged.

Total value turnover improved to P6.3 billion from the previous day’s P5.99 billion.

BDO Unibank was the session’s top traded stock, declining by 0.82 percent to P157.40 per share, followed by ICTSI which lost 0.96 percent to P411 and Bloomberry Resorts which rose by 2.23 percent to P5.05.