Lo­cal mar­kets higher on Thurs­day

Sun Star Bacolod - - Business -

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

ER­WIN P. NICAVERA

BUSI­NESS. For some, In­de­pen­dence Day is an op­por­tu­nity to earn. Ven­dors at the down­town area of Ba­colod City sell fla­glets at P50 each.

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