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PSEi drops as December inflation quickens

Richmond Mercurio - The Philippine Star
PSEi drops as December inflation quickens
The benchmark Philippine Stock Exchange index snapped its three-day winning streak yesterday, plunging by 1.2 percent or 79.79 points to 6,545.38.
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MANILA, Philippines — The local stock market suffered its first loss of the year as investors pocketed gains from a three-day rally following a faster December inflation.

The benchmark Philippine Stock Exchange index snapped its three-day winning streak yesterday, plunging by 1.2 percent or 79.79 points to 6,545.38.

Also taking a nosedive was the broader All Shares index, shedding by 1.14 percent or 43.34 points to settle at 3,750.69.

“Shares succumbed to profit taking following the release of the local December CPI, which came slightly higher than street estimates,” Luis Limlingan of Regina Capital said.

The Philippine Statistics Authority yesterday reported that inflation quickened to 2.9 percent in December from 2.5 percent in November.

Limlingan said that sentiment was also pulled down by the tepid performance of the US, with Wall Street closing mixed on Monday.

All counters were in the red, except for mining and oil, which eked out a 0.3-percent increase.

The services index posted the biggest drop at 1.88 percent, followed by property with a 1.67-percent decline.

Decliners pounded advancers, 124 to 96, while 39 issues were unchanged.

Net value turnover improved to P4.31 billion from the previous day’s P3.73 billion.

Ayala Land was yesterday’s most actively traded company, plummeting by 3.33 percent to P26.10 per share, followed by ICTSI with a 2.58-percent drop to P400.

Among index members, Aboitiz Equity Ventures gained the most with a 2.19-percent jump, while Wilcon Depot registered the largest drop at 4.87 percent.

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