The local bourse managed to close flat after early weakness due to the announcement of the February inflation rate.
The PSEi shed 1.12 points or 0.02 percent to close at 6,881.37 with gains in the Services counter offsetting losses in other sectors.
Volume was stable at 4 billion shares worth P7.73 billion as losers beat gainers 135 to 87 with 45 unchanged.
“Local shares closed relatively flat as the February inflation print came in within expectations at 4.7 percent, and the core CPI at 3.5 percent,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Sentiment was rather cautious throughout most of trading but turned into bargain hunting as investors assessed the the statement of Fed Chair Jerome Powell who said that the outlook for the economy has brightened recently.”
Philstocks Financial Senior Analyst Japhet Tantiangco said “Selling pressures weighed on the market amid worries over inflation following the 4.7 percent February print. The market was also affected by the negative spillovers from Wall Street amid the rise in US bond yields.”
He noted that, “Late day bargain hunting trimmed today’s losses.“