The local market’s gains were stymied by an upswing in prices for September to 6.9 percent as traders said the report was generally considered a non-event with the market remaining flat.
Weaker US job openings data also opened some concerns about the global economic stability, Regina Capital Development Corp. managing director Luis Limlingan said.
As of September, the local CPI notched higher to 6.9 percent, with food driving up the inflationary basket in the Philippines.
The benchmark Philippine Stock Exchange index managed to sustain its rally on Wednesday as it gained 0.87 points to 5,988.59, only 0.01 percent higher than Tuesday’s close.
Philstocks Financial, Inc. assistant manager for research and online engagement Claire Alviar said the minimal rally reflected the sentiments of the investors after the September inflation rate was recorded at the lower end of the forecast range of the Bangko Sentral ng Pilipinas.
Positive catalyst missing
“Last month, the Philippines’ inflation rate reached 6.9 percent. Market gains were limited as this figure remains faster than August’s 6.3 percent. Moreover, positive catalysts that could move the market were still lacking now,” Alviar said.