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The Philippine Stock Exchange index (PSEi) finished flat on Thursday, owing to a slower domestic inflation rate in December 2021 and a weaker peso against the greenback.

The main stock index fell 5.88 points to 7,085.52 points or 0.08 percent.

Most of the counters were in the red, with the All Shares index falling 0.44 percent, or 16.59 points, to 3,777.58 points.

The largest loss among the sectors indexes was in services, which plummeted 1.36 percent.

Mining and oil came in second with 1.02 percent, followed by industrial with 0.91 percent, financials with 0.70 percent, and property with 0.04 percent.

Only the Holding Firms index increased by 0.93 percent during the day.

The total activity was low, with only 771.81 million shares changing hands for PHP5.21 billion.

At 114 to 57, decliners outnumbered advancers, with 59 shares remaining unchanged.

“Philippine shares traded lower for most of the session before being bought up at the close as investors continued to welcome the slowing of inflation, while other investors digested the recently published minutes from the Fed’s (Federal Reserve) meeting, which revealed the central bank discussed a possible run-off shortly after implementing rate hikes later this year,” said Luis Limlingan, Regina Capital Development Corp. (RCDC) head of sales.

In December, domestic inflation fell for the fourth month in a row to 3.6 percent, down from 4.2 percent the month before.

However, after peaking at 4.5 percent last year, average inflation was over the government’s goal range of 2% to 4%.

Meanwhile, the local currency depreciated against the US dollar, falling from 50.96 to 51.18.

It started the day at 51.03 and ended up at 51.131 after trading between 51.23 and 50.99.

Volume fell to USD1.15 billion from USD1.21 billion the day before.

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