MANILA – The local stock barometer fell on Tuesday following the uptick in the inflation rate for April while the peso closed flat against the US dollar.
The benchmark Philippine Stock Exchange index (PSEi) declined by 0.51 percent, or 33.91 points, to 6,618.58, while the broader All Shares also fell by 0.31 percent, or 10.76 points, to 3,505.75.
Philstock Financials, Inc. research and engagement officer Mikhail Plopenio said investors exercised caution as inflation climbed for three months in a row.
The Philippine Statistics Authority (PSA) reported on Tuesday that April inflation settled at 3.8 percent, slightly higher than the 3.7 percent in March.
“Investors also traded cautiously while waiting for the Philippines’ Q1 GDP (first-quarter gross domestic product) data set to be released later this week,” Plopenio added.
Counters were mixed during the day, with Mining and Oil (+2.25 percent), Services (+0.97 percent), and Industrial (+0.91 percent) closing in the positive territory.
Those that ended in the red were Property (-2.66 percent), Financials (-0.87 percent), and Holding Firms (-0.49 percent).
Decliners outnumbered gainers at 98 to 86, leaving 54 counters unchanged.
Meanwhile, the peso finished flat at 57.22 against the US dollar.
It opened the day at 57.27 before trading between 57.21 and 57.29 to the greenback.
The weighted average level for the day stood at 57.25 to the dollar.
The volume of trade improved to USD1.17 billion from USD1.04 billion. (PNA)
