Philippines share prices closed little changed on Tuesday after a higher-than-expected inflation report curbed gains, dealers said. The Philippine Stock Exchange composite index added 2.39 points, or 0.1 percent, to 2,602.38. The all-share index inched up 7.64 points to 1,640.44.
Volume reached 3.5 billion shares worth 2.5 billion pesos (58.1 million dollars). There were 60 advancers and 38 decliners while 55 shares were unchanged. "Investors lent more weight to the drop in oil prices, but that is not to say that the latest inflation data was completely ignored," DBP Daiwa Securities research head Ron Rodrigo told Dow Jones Newswires. The National Statistics Office said the inflation rate hit 12.2 percent in July, the highest in 17 years as prices of basic commodities increased.
July's rate was above the 11.2 percent to 12 percent forecast of the central bank and was the highest since December 1991 when the rate topped 13.2 percent, it said. Shares of Philippine Long Distance Telephone shed 0.2 percent at 2,525. A shares of San Miguel Corp closed unchanged at 43.50 while B shares shed 1.1 percent at 43.50.
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