PSEi inches up on Wall Street gains

MANILA, Philippines — Philippine stocks rose on Friday as investors drew inspiration from Wall Street’s overnight gains and reacted positively to favorable US inflation data.

The benchmark Philippine Stock Exchange Index (PSEi) gained 0.14 percent, or 9.05 points, to close at 6,297.30.

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Philstocks Financial Inc. research manager Japhet Tantiangco said the local bourse tracked Wall Street’s climb as favorable US inflation numbers raised hopes that the US Federal Reserve would not take a hawkish stance moving forward.

Investors also digested the second-quarter and first-half corporate results of selected listed companies, which helped lift sentiment during the session.

Luis Limlingan, head of sales at Regina Capital Development Corp., said the local index ended higher as investors engaged in bargain hunting following yesterday’s decline, providing support to select shares.

“Continued earnings releases are likely to keep stock-specific activity elevated in the next few days,” Limlingan added.

Still, trading activity remained subdued. Net value turnover stood at P5.07 billion, reflecting cautious participation despite the market’s advance.

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Foreign investors also remained on the sidelines, ending the session as net sellers with net outflows of P187.03 million.

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Sectoral indices finished mixed. Services led the gainers after rising 1.19 percent, while mining and oil was the weakest performer with a 2.12-percent decline.

Among index members, property giant Ayala Land Inc. emerged as the session’s top gainer, jumping 4.14 percent to P15.60.

Telecommunications giant PLDT Inc., meanwhile, was the main index laggard. Its shares dropped 4.49 percent to P1,170. /pai