MANILA – Both the Philippines’ main stocks index and the peso ended the week sideways partly on the steady inflation print in the country, at 4.5 percent for May 2021.
The Philippine Stock Exchange index (PSEi) gained 0.07 percent, or 4.47 points, to 6,796.34 points.
All Shares rose by 0.11 percent, or 4.57 points, to 4,108.59 points.
Half of the sectoral gauges trailed the main index namely the Financials, 0.59 percent; Services, 0.46 percent; and Holding Firms, 0.36 percent.
On the other hand, Mining and Oil shed 0.90 percent, Property, 0.76 percent, and Industrial, 0.03 percent.
Volume totaled 1.535 billion shares amounting to PHP5.92 billion.
Gainers led losers at 110 to 88 while 48 shares were unchanged.
“Local shares closed little changed as investors digested the latest inflation print,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
The Philippine Statistics Authority (PSA) on Friday reported that rate of price increases remains at 4.5 percent for the third consecutive month last May, bringing the five-month average to 4.4 percent.
Average inflation rate to date remains above the government’s 2-4 percent target band but monetary authorities forecast inflation to start decelerating in the fourth quarter of the year.
They forecast the average inflation rate for this year to be at 3.9 percent.
Relatively, the peso ended the day at 47.75, sideways from its 47.825 close a day ago.
It opened the day at 47.83 and traded between 47.83 and 47.73. Average level for the day stood at 47.8.
Volume declined to USD718.1 million from day-ago’s USD820.06 million. (PNA)
