Stocks up on inflation, US services news

    303

    Share prices ended higher Tuesday as investors took a cue from local news.

    The Philippine Stock Exchange index (PSEi) was up 94.96 points to 6,590.11, a 1.46 percent hike.

    The broader all shares index was up 55.54 points to 4,003, a 1.41 percent hike.
    Gainers edged losers 159 to 61 with 39 stocks unchanged.

    The peso closed at 48.57 to the dollar, up from 48.635 on Monday.

    The currency opened at 48.58 and hit a high of 48.57 and a low of 48.60. Trading turnover reached $559.3 million.

    “Philippine shares soared close to the 6,600 level after another round of upbeat economic news from the services sector in the US and lower inflation gave optimism to many investors,” said Luis Limlingan, managing director at Regina Capital and Development Corp.
    Philstocks Financial Corp. said investors also “reacted positively” on the decline in inflation in March.

    The government reported that March inflation was at 4.5 percent and core inflation at 3.5 percent.

    Most actively traded Dito CME Holdings Corp. was up P0.82 to P11.08. Universal Robina Corp. was up P7.60 to P141. BDO Unibank Inc. was up P0.30 to P101.80. Ayala Land Inc. was up P0.10 to P34.60. Puregold Price Club Inc. was down P1.05 to P37.65. Jollibee Foods Corp. was up P3.40 to P185. AC Energy Corp. was up P0.17 to P7.48. DDMP REIT Inc. was up P0.13 to P2.28. International Container Terminal Services Inc. was up P6 to P128. Manila Water Co. Inc. was down P0.70 to P15.40.