PSEi loses steam ahead of inflation data

PSEi loses steam ahead of inflation data

Unable to maintain last week’s momentum, the local bourse surrendered the 6,400 level on Monday as traders awaited the latest inflation print.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) slipped by 0.2 percent, or 13.14 points, to close at 6,398.77. The broader All Shares Index, meanwhile, shed 0.21 percent, or 7.19 points, to 3,479.47.

A total of 417.64 million shares worth P3.3 billion changed hands as foreigners made net purchases worth P130.51 million, stock exchange data showed.

READ: Clearer rate cut signal pushes PSEi past 6,400

The “soft” performance of the market snapped a five-session winning streak as investors braced for June inflation data, according to Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.

Analysts have said that inflation likely stayed at 3.9 percent in June due to lower electricity rates potentially softening the impact of pricier food and a weakening peso. The Philippine Statistics Authority is set to release the latest inflation report on Friday.

Only banks registered gains, buoyed by Sy family-led BDO Unibank Inc.

READ: June inflation pegged at 3.9% as utility costs dip

SM Prime Holdings Inc. was the top-traded stock as it dipped by 1.06 percent to P28 per share.

It was followed by SM Investments Corp., up 0.18 percent to P832; International Container Terminal Services Inc., down 0.23 percent to P349; Aboitiz Equity Ventures, down 2.71 percent to P37.75; and GT Capital Holdings Inc., which slipped by 6.77 percent to P578 each.

GT Capital announced the appointment of its new chief financial officer George Uy-Tioco Jr. on Monday, replacing Francisco Suarez Jr. who had served for more than a decade.

Other actively traded shares were BDO, up by 1.4 percent to P130; Metropolitan Bank and Trust Co., down 1.92 percent to P66.25; Ayala Land Inc., up 1.4 percent to P28.90; Bloomberry Resorts Corp., down 0.11 percent to P9.50; and Bank of the Philippine Islands, which was unchanged at P119.10.Losers edged out advancers, 103 to 83, while 53 companies closed unchanged. —Meg J. Adonis INQ