Inflation, mixed earnings stall market upswing
MANILA, Philippines — Share prices ended flat yesterday as investors decided to stay on the sidelines following reports that headline inflation accelerated to a three-year high of 3.5 percent in October.
The benchmark Philippine Stock Exchange Index (PSEi) closed 0.01 percent, or 1.26 points, lower at 8,521.81, while the wider All Shares index fell 0.04 percent or two points to end at 4,966.60.
“The market ended flat as we’ve seen mixed third quarter earnings results from some of the big index names,” RCBC Securities Inc. equity research analyst Jeffrey Lucero said.
Lucero cited share prices of Ayala Land Inc., which inched up 1.33 percent yesterday ending at P45.60 apiece as the company reported an 18 percent year-on-year net income growth.
In contrast, Universal Robina Corp. saw a 4.12 percent decline in share prices closing at P139.50 per share as the firm reported a 21 percent drop in nine-month earnings.
Regina Capital Development Corp. Business Development head Luis Limlingan echoed Lucero’s sentiments, saying investors were digesting the news of more earnings announcements being released.
“Inflationary concerns was one of the factors as it hit a three-year high, touching at 3.5 percent for the month of October,” Limlingan said.
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