MANILA – The wait-and-see stance for the release of the US’ July 2022 consumer price index (CPI) report resulted in the flat close of the local bourse’s main index and the sideways finish for the peso on Wednesday.
The Philippine Stock Exchange index (PSEi) gained 0.04 percent, or 2.87 points, to 6,471.84 points.
All Shares rose by 0.15 percent, or 5.07 points, to 3,461.51 points.
Most of the sectoral gauges inched up namely Mining and Oil, 1.15 percent; Services, 0.54 percent; Property, 0.48 percent; and Holding Firms, 0.18 percent.
On the other hand, Financials slipped by 0.55 percent and Industrial by 0.34 percent.
Volume reached 843.4 million shares amounting to PHP6.34 billion.
Advancers led decliners at 111 to 59, while 63 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, said the July 2022 inflation report in the US, which would be released later this day, “could confirm or dash hopes that rising prices have leveled off.”
“Economists expect the report to show that inflation has cooled slightly, led by slipping oil prices,” he said.
The US’ inflation rate continues to rise to its four-decade high as of last June when it surged to 9.1 percent.
Limlingan said crude oil prices in the international market declined anew on Tuesday “as worries that a slowing economy could cut demand viewed with news that some oil exports had been suspended in the Russia-to-Europe Druzhba pipeline that transits Ukraine.”
He said the price of Europe’s benchmark Brent crude oil fell by 0.4 percent to USD96.31 per barrel and US’ West Texas Intermediate (WTI) by 0.3 percent to USD90.50 per barrel.
Meanwhile, the local currency finished the day sideways against the US dollar at 55.665 from Tuesday’s 55.595.
It opened the day at 55.67, weaker compared to its 55.45 start in the previous day.
The peso traded between 55.85 and 55.65, resulting in an average of 55.752.
Volume reached USD871.6 million, lower than the USD1.36 billion a day ago. (PNA)