Market flat ahead of August inflation data

MANILA, Philippines — The stock market finished flat ahead of the release of the country’s August inflation data.

The benchmark Philippine Stock Exchange index closed yesterday’s session lower by just 0.01 percent or 0.8 points at 6,882.12.

The broader All Shares index also saw a slight decline of 0.03 percent or 1.26 points to settle at 3,729.52.

“Philippine shares managed to recoup earlier losses after falling approximated 120 points to finish virtually the same as Tuesday’’s session,” Luis Limlingan of Regina Capital said.

Limlingan said investors were rattled early during yesterday’s session after US stocks tumbled on Tuesday, as technology shares struggled and fresh economic data reignited concerns about the economy›s health.

Bargain hunting, however, helped the market trim its losses yesterday.

“Price action has remained subdued as investors await key catalysts, particularly the release of the Philippines’ August inflation data, with many expecting this to fall below four percent after accelerating to 4.4 percent last month,” Limlingan said.

Net value turnover thinned to P4.71 billion from the previous day’s P4.96 billion.

Sectoral gauges were a mixed bag, with financials posting the largest gain at 0.99 percent.

The industrial index, meanwhile, recorded the biggest decline at 1.02 percent.

Market breadth remained negative as decliners battered advancers, 113 to 76, while 54 issues were unchanged.

Ayala-led Bank of the Philippine Islands posted the highest jump at 2.6 percent, while Jollibee Foods registered the biggest drop at 2.68 percent.