Local markets higher on Thursday
MANILA — While concerns over trade issues overseas remain, the Philippines’ main equities index managed to rise even as the peso ended sideways but with an upward bias on Thursday’s session.
The Philippine Stock Exchange index (PSEI) jumped 0.18 percent, or 14.49 points, to 7,959.86 points.
“Local stocks showed mixed results following the release of higher-than-expected May inflation report, with market players also staying cautious amidst lingering trade concerns,” BPI Research said in its daily market report.
The Philippine Statistics Authority (PSA) on Wednesday reported the rise of domestic inflation rate last May to 3.2 percent from the previous month’s 3 percent due to the impact of the dry season on some agricultural products and the result of the high oil prices.
The May 2019 figure ended inflation’s six-month deceleration after it peaked at 6.7 percent in September and October last year.
All Shares barely rose with a 0.03 percent, or 1.65 points, increase to 4,884.87 points.
Most of the sectoral indices tracked the main gauge, led by Mining and Oil at 0.78 percent and was followed by Financials, 0.55 percent; Holding Firms, 0.46 percent; and Services, 0.09 percent.
On the other hand, Property fell by 0.29 percent and Industrial by 0.19 percent.
Volume reached 674.77 million shares amounting to PHP7.3 billion.
It was a balance between the gainers and losers at 98 each while 49 shares were unchanged.
The peso finished the day at 51.74 against the greenback from its 51.78 close Tuesday.
BPI Research traced this performance to investors’ reaction to the rise of the May 2019 inflation.
The dollar also failed to get some support after some officials of the Federal Reserve indicated openness to cut rates this year, it said.
There was no trading on Wednesday due to the Eid’l Fitr holiday.
The local unit opened the day almost flat at 51.76 from the previous session’s 51.75.
It traded between 51.73 and 51.83, resulting to an average of 51.772.
Volume totaled to USD714.4 million, lower than the USD1.039 billion last Tuesday.
The currency pair is seen to trade between 51.65 and 51.85 on Friday./pna
BUSINESS. For some, Independence Day is an opportunity to earn. Vendors at the downtown area of Bacolod City sell flaglets at P50 each.