Stocks down ahead of February inflation figures

March 5, 2018

Stocks fell on Monday, a day before February inflation figures will be announced by the government.

The Philippine Stock Exchange index closed 72.40 points lower to 8,386.17. In the broader market, there were 117 gainers, 100 decliners and 41 unchanged.

Volume reached 7.85 billion worth P6.12 billion from Friday's 4.87 billion valued at P7.25 billion.

Most active shares were led by Ayala Land, up 0.36 percent to P41.65; MRC Allied , down 3.9 percent to 74 centavos; Waterfront Philippines, up 50 percent to P1.35, PXP Energy Corp., up 13.16 percent to P17.02 and SM Investment Corp., down 18.6 percent to P952.

The Department of Finance's economic bulletin estimates February inflation to reach 4.1 percent from 4 percent in January. Higher inflation may prod the Bangko Sentral ng Pilipinas to raise interest rates but so far the central bank said it is comfortable with the situation.

The peso closed P52 against the US dollar from Friday's P51.90. Volume at the Philippine Dealing System reached $565 million from $733.30 million. DMS