Stocks fall flat ahead of inflation data

MANILA, Philippines — The stock market ended practically flat yesterday, closing just 2.08 points or 0.02 percent lower to 7,817.31 as investors stayed on the sidelines ahead of the release of the latest inflation and interest rate data.

Likewise, the broader All Shares index declined 7.85 points or 0.16 percent to finish at 4,660.44.

The sector indices, meanwhile, were a mixed bag with the property, mining and oil, industrial and financials ending in positive territory. On the other hand, the holding firms and services went down.

Total value turnover was likewise thin at P5.60 billion as decliners outpaced gainers, 117 to 92, while 36 issues were unchanged.

Gio Perez of Papa Securities said the market’s behavior yesterday could be reflective of the hesitation in the market in anticipation of the July inflation figure.

“Overall expectations would be for the latest figure to breach five percent once again — June’s inflation was 5.2 percent which exceeded both government and market expectations —  with the DOF forecasting 5.3 percent, albeit within the BSP’s own range of 5.1 percent to  5.8 percent.”

The July inflation figures are scheduled to be released today.