MANILA, Philippines – The Philippine Stock Exchange Index (PSEi) closed lower today after new inflation figures for June was released earlier. The index closed at 7233.57, lower by 114.85 points or 1.56 percent. The broader all-share index is down by 1.04 percent.
The drop was across the board as all counters closed lower for today. The worst performing sub-index is the Holdings sector, down by 2.09 percent followed by the Industrial sub-index lower by 1.32 percent.
Within the Holdings space, SM led the decline to close at 890, down by 3.78 percent. AC closed at 915, lower by 1.40 percent.
JGS ended the trade at 50.05, down by 1.96 percent, while AEV is lower by 1.00 percent to close at 54.35.
Within the Industrial sector, URC dropped by 2.64 percent to close at 121.50. JFC is down by 2.23 percent, and MER by 2.23 percent.
The most active stocks today include ALI with PHP 599.68 million in traded value, BDO with PHP 402.90 million, and BPI with PHP 381 million.
The significant gainers include ABG by 14.68 percent, IRC by 8.18 percent, ECP by 7.25 percent, and WIN by 6.84 percent.
The notable losers include ABSP by 5.19 percent, H2O by 4.26 percent, DMW by 3.92 percent, and VUL by 3.87 percent.
There were 75 advancers, 113 decliners, while 60 names remain unchanged.
The market turnover totaled PHP 5.20 billion. Foreigners bought PHP 3.00 billion worth of Philippine equities and sold PHP 3.52 billion resulting in a net foreign selling of PHP 524.70 million.
Inflation figures for the month of June were released earlier today. Inflation further accelerated to 5.2 percent, higher versus the recorded 4.6 percent last May.
This inflation figure just marked a fresh five-year high. It was also beyond BSP’s expected figures, which range from 4.3 to 5.1 percent.
In a statement, BSP Governor Nestor Espenilla expressed that the central bank reaffirms its commitment to restore inflation back within expected levels as soon as possible.
The BSP monetary board will have another meeting in August. This board meeting may determine if further interest rate hikes will be implemented.
Do you find today’s wrap-up report informative and helpful? If you do, please comment below or share this post. It might seem insignificant, but it helps more than what you might think.
Latest posts by Equilyst Analytics, Inc. (see all)
- Philippine Stock Market Wrap-up Report: October 29, 2018 - October 29, 2018
- San Miguel Corporation (SMC): A Buy on Breakout? - October 29, 2018
- SM Investments Corp. (SM): A Possible Double-Bottom Pattern? - October 27, 2018