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PSEi rises but encounters profit-taking after inflation-fueled rally

Business | The Stock Market

PSEi rises but encounters profit-taking after inflation-fueled rally

By James A. Loyola

The Philippine Stock Exchange index (PSEi) rose as investors continued buying up stocks due to the low April inflation rate.

The benchmark index rose by 46.76 points or 0.73 percent to close at 6,465.45 on Wednesday, May 7, with the Industrial counter posting the biggest advance while Propert stocks succumbed to profit-taking. Volume grew to 958 million shares worth P8.27 billion as gainers beat losers 113 to 72 with 48 unchanged.

“Philippine shares were bought up second day straight post-inflation with the local bourse reaching 6,500 level but gains were tempered by profit taking later in the session,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Meanwhile, Wall street continued its declined on Tuesday with President Trump’s uncertain trade comments dimmed hopes for tariff progress, while investors awaits FED's interest rate decision.

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Philippine Stock Exchange index Regina Capital Development Corporation Luis Limlingan

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