Philippine stocks lost 2.08 points, or 0.03 percent, to close at 6,512.39 Wednesday as investors ignored the continued slowdown in inflation rate.
Analysts said investors also stayed on the sidelines as the US financial market was closed in celebration of the Fourth of July holiday.
Inflation in June fell to a more than one-year low of 5.4 percent from 6.1 percent in May helped by slower increases in the prices of food and non-alcoholic beverages, the Philippine Statistics Authority said.
BDO Capital and Investments Corp. president Eduardo Francisco said that while the government reported continued slowdown in inflation rate, interest rates were not expected to come down soon because of the US Federal Reserve’s hawkish stance.
Value turnover remained thin at P3.6 billion.
