PSEi dips ahead of June inflation
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Thu, 04 Jul 2019 16:15:22 +0000
THE stock market finished lower on Thursday, but stayed above the 8,000 territory, as investors repositioned portfolios ahead of the Philippine Statistics Authority’s release of official inflation data for June today.
The bellwether Philippine Stock Exchange index (PSEi) traded marginally higher at intraday trading before losing some steam to end the day down by 0.34 percent or 27.76 points to 8,064.92. The wider All Shares slipped by 0.16 percent or 7.64 points to finish at 4,931.99.
Philstocks Financial Inc. said in a daily market note that market players traded ahead of data on the rate of the increase in the prices of goods and services last month.
Last week, the Bangko Sentral ng Pilipinas said it expected June consumer prices to have eased to between 2.2 percent and 3 percent from May’s 3.2 percent on reduced petroleum, rice and electricity prices.
The local market bucked a rally on Wall Street, with the Dow Jones up by 0.67 percent, the S&P 500 gaining 0.77 percent and the Nasdaq rising 0.75 percent.
Regional markets were mixed, as Tokyo increased 0.30 percent, Seoul gained 0.61 percent, Jakarta inched up by 0.27 percent, Singapore added 0.28 percent, and Bangkok rose 0.26 percent. Shanghai decreased 0.33 percent and Hong Kong dipped 0.06 percent.
In Manila, only the services and financials index finished firm, up 0.25 percent and 0.89 percent, respectively.
More than 740 million issues were traded valued at P5.06 billion.
Losers led winners, 94 to 92, while 57 issues were unchanged.
The post PSEi dips ahead of June inflation appeared first on The Manila Times Online.