Index ends flat on lackluster trades

MANILA, Philippines — The Philippine stock market closed nearly flat yesterday, with the index ending 15.14 points lower, or 0.21 points, at 7,078.20.

Likewise, the broader All Shares gauge lost 6.98 points or 0.16 percent to finish at 4,363.36.

Most sectoral indices closed in negative territory.

Total value turnover remained thin at P4.082 billion. Market breadth was negative, 129 to 66 while 40 issues were unchanged.

Astro del Castillo, managing director at First Grade Finance Inc., said the lack of investor appetite and the surge in inflation led to the lackluster trade.

The Philippine Statistics Authority (PSA) reported yesterday that the nationwide inflation rate stood at 6.7 percent in September, another nine-year high from the 6.4 percent reported in August.

In a joint statement,  the government’s economic team, however, said that while inflation was up by 0.3 percentage points from the previous month’s 6.4 percent, it is slightly lower than the median market expectation of 6.8 percent and was within the 6.3 to 7.1 percent forecast of the Bangko Sentral ng Pilipinas.

Monetary authorities said inflation has already peaked, noting that monetary actions have already been taming the surge in prices.

Despite being within expectations, inflation still dampened market sentiment.