Stocks inch up ahead of inflation report

By Arra B. Francia, Reporter
Shares firmed up on Tuesday amid thin trading, as investors stayed on the sidelines ahead of the release of June inflation data.
The benchmark Philippine Stock Exchange index gained 0.55% or 39.38 points to 7,267.34, marking the third consecutive uptick for the market. The broader all shares index also rose 0.27% or 11.68 points to 4,409.83.
“Philippine markets continued to remain positive in July albeit the weaker trading volumes as US indices also kicked off the beginning of the third quarter on a positive note,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message.
Four sectoral indices moved to positive territory, led by holding firms which jumped 0.92% or 65.43 points to 7,181.17. Industrial followed with an increase of 0.59% or 61.56 points to 10,447.47, while financials climbed 0.34% or 6.09 points to 1,787.61. Property added 0.31% or 11.10 points to 3,563.
On the other hand, services lost 0.54% or 7.57 points to 1,391.44, while mining and oil gave up 0.38% or 36.60 points to 9,711.80.
The market saw some 539.76 million issues switch hands, valued at P4.78 billion, flat from the previous session’s turnover of P4.8 billion.
Decliners outpaced advancers, 97 to 88, while 50 names remained unchanged. Net foreign outflows slimmed to P424.86 million, slightly lower than Monday’s net sales of P457.75 million.
The most heavily traded stocks for the day included Universal Robina Corp., which rallied 2.3% to P124.80 each, Ayala Land, Inc. with flat shares at P38 each, and SM Investments Corp that jumped 1.67% to 915 each.