Philippine investors sit tight ahead of US inflation reveal

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) was relatively flat on Wednesday as investors waited for the latest US inflation reading that would have implications for global and domestic interest rates.

By the closing bell, the PSEi shed 0.16 percent or 10.21 points, to 6,469.42 while the broader All Shares index was down 0.13 percent, or 4.59 points, to 3,475.27.

“Philippine shares ended trading muted as investors shifted their focus to March’s highly anticipated inflation report,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Wednesday.

“Economists polled by Dow Jones predict that [consumer price index] rose by 0.2 percent in March, compared to a 0.4-percent gain in February,” he added.

PSE subsectors were mixed as mining and oil, financials and services moved higher while holding firms, property and industrial retreated.

A total of 1 billion shares valued at P7.23 billion changed hands on Wednesday while foreigners were net sellers of an amount totaling P667 million. INQ