Bourse up, but still below 8,000
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Thu, 06 Jun 2019 16:17:44 +0000
THE stock market rose slightly on Thursday after trading most of the day flat following an uptick in consumer prices in May.
The bellwether Philippine Stock Exchange index (PSEi) rose by 0.18 percent or 14.49 points to close at 7,959.86, while the wider All Shares inched up by 0.03 percent or 1.65 points to end at 4,884.87.
In a market note, Philstocks Financial Inc. said investors took into account last month’s inflation rate, which grew to 3.2 percent from 3.0 percent in April, according to the Philippine Statistics Authority (PSA).
The state-run statistics agency said higher annual rates posted in the heavily weighed food and non food, alcoholic beverages, housing, water, electricity, gas and other fuels accounted for the upside pressure.
The figure snapped a six-month slowdown, but it remained within the government’s projection of between 2.8 and 3.6 percent for the month.
Outside the Philippines, some regional counterparts also moved slightly: Tokyo dipped 0.01 percent, Hong Kong grew 0.03 percent, Seoul was up 0.10 percent, Bangkok climbed 0.04 percent and Jakarta rose 1.72 percent.
In contrast, Singapore dropped 0.38 percent and Shanghai declined 1.17 percent.
Wall Street’s three main indices, meanwhile, all finished overnight in the green.
In Manila, only the industrial and property indices closed down by 0.19 percent and 0.29 percent, respectively.
More than 653 million issues valued at P6.96 billion changed hands.
Winners matched losers at 98, while 48 issues were unchanged.
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