Market snaps losing streak

MANILA, Philippines —  Share prices bucked the downtrend overseas as investors cheered the slowdown in the country’s inflation.

The benchmark Philippine Stock Exchange index snapped a two-day losing streak, rising by 0.38 percent or 25.85 points to finish yesterday’s session at 6,907.97.

The broader All Shares index likewise increased by 0.26 percent or 9.75 points to settle at 3,739.27.

“The local market moved sideways as investors weighed the decline of the Philippines’ inflation last August against the lingering concerns over the health of the US economy. In the end, the bourse was able to post gains,” Philstocks Financial research manager Japhet Tantiangco said.

August inflation eased to 3.3 percent from the previous month’s 4.4 percent.

In the US, Luis Limlingan of Regina Capital said Wall Street edged lower, with all three major indexes down for the week as key employment reports loom.

“Philippine shares overcame the negative price action overseas to finish higher. Investor sentiment got a boost as the latest August CPI data came in better than expected at 3.3 percent,” he said.

Net value turnover, however, remained thin at P4.59 billion, lower than the previous day’s P4.71 billion.

Sectors were mixed at three apiece. Services led those in the green with a 1.81-percent surge, while the property index recorded the biggest drop at 1.23 percent.

Advancers edged out decliners in a close contest, 96 to 94, while 46 issues were unchanged.

Converge ICT Solutions was the top index gainer with a 4.79 percent jump, while SM Prime Holdings lost the most with 2.46 percent.

Among the most actively traded stocks were ICTSI (up 1.51 percent), AREIT (down 4.27 percent), BDO (up 0.65 percent), SM Investments (unchanged) and URC (down 0.39 percent).