Stocks up despite May inflation report

June 5, 2018

Stocks rose despite May inflation rising to a four-year high on Tuesday.

The Philippine Stock Exchange index gained 106.15 points to 7,685.76. In the broader market, there were 112 gainers, 84 decliners and 53 shares unchanged.

Volume reached 1.98 billion shares worth P5.4 billion from Monday's 464.5 million valued at P5.5 billion. Foreigners remained net sellers, with P3.25 billion worth of shares sold compared to P2.583 billion bought.

Most active shares were led by Ayala Land, down 1.71 percent to P40.30; International Container Terminal Services Inc., up 2.94 percent to P87.50 and SM Prime, 1.47 percent up to P38.

The peso closed at P52.4 against the US dollar from P52.58 on Monday. Volume at the Bankers Association of the Philippines website reached $646.7 million from $93.8 million on Monday. DMS