Stocks edge higher ahead of inflation report


The local stock market ended slightly higher but well off the day’s peak as investors play safe ahead of the release of inflation numbers.

The main index added 9.63 points or 0.15 percent to close at 6,521.64 as the Industrial sector led the advance but Banks and Services declined. Volume was an anemic 1.73 billion shares worth P3.38 billion as gainers led losers 114 to 64 with 37 unchanged.

“Philippine shares started the week slightly above as a fresh bata of economic data could set the tone of the market,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, investorsawait the release of the Philippine inflation print for May on June 6. Also scheduled for this week are the GIR level on June 7, industrial production on Thursday, and the Philippine unemployment rate, as well as the balance of trade on Friday.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse gained after US President Joe Biden signed into law a debt ceiling bill, erasing the worries among investors.”

“However, market participation remained weak as many were still on the sideways as they await May’s inflation rate to be released tomorrow.“

China Bank Capital Managing Director Juan Paolo Colet said “The index was slightly up but daily turnover fell as we saw generally cautious trading ahead of tomorrow’s release of Philippine May inflation data.”

“Sentiment was also tempered by the jump in crude oil prices after Saudi Arabia’s decision to cut production by one million barrels per day,” he added.