PSEi posts modest gains despite soaring inflation

MANILA, Philippines — Bargain-hunting activities allowed the local stock market to pick up modest gains yesterday despite inflation surging to a 20-month high in March.

The bellwether Philippine Stock Exchange index inched up by 0.16 percent or 9.54 points to cap off the session at 5,957.87.

The broader All Shares index likewise increased by 0.39 percent or 13.17 points, closing at 3,350.16.

“The local market traded sideways as investors digested the Philippines’ March inflation which came in at 4.1 percent, exceeding the government’s two to four percent target,” Philstocks Financial research manager Japhet Tantiangco said.

Last month’s inflation accelerated from 2.4 percent in February and exceeded both market and central bank expectations.

The 4.1-percent print was the fastest since the 4.4 percent recorded in July 2024.

“In the end, however, bargain hunting prevailed, causing the local bourse to have a positive close,” Tantiangco said.

Sectoral gauges were mixed, with those in the green having the slight advantage.

Mining and oil led the charge with a 1.85-percent jump, while property posted the biggest drop at 0.33 percent.

Market breadth was positive as advancers crushed decliners, 120 to 76, while 65 issues did not change hands.

Trading, however, remained weak as total turnover value stood at P5.82 billion, slightly up from the previous day’s P5.55 billion.

ICTSI was the top traded stock, finishing flat at P685 per share. It was followed by BDO Unibank and URC, which climbed by 0.77 percent and 0.08 percent, respectively, to P117.90 and P63.