Share prices were slightly lower as trading was listless despite the easing of inflation in May.Trading volume was down to just an average of P3.73 billion, lower than the average for the year at P5.5 billion.
Top losers were Makati Finance Corp., Philippine Racing Club Inc., Paxys Inc., PTFC Redevelopment Corp., Atok-Big Wedge Co. Inc., Anchor Land Holdings Inc. and Arthaland Corp.Share prices may go up this week but trading may still be caged within the tight band. Some analysts said, however that this may be “a prelude to potential breakthrough.”
Juan Paolo Colet, managing director at China Bank Capital Corp. said market movement this week will be driven predominantly by economic developments in the United States, particularly May inflation data and the Federal Reserve’s policy rate decision. Maybank Securities gave a buy rating on the stock of Puregold Price Club Inc. as its first quarter income of P2.4 billion was in line with the broker’s forecast.