PHILIPPINE STOCKS edged higher on Tuesday as market sentiment got a boost from slower July inflation, which boosted bets of another rate cut as early as this month.
The bellwether Philippine Stock Exchange index (PSEi) rose by 0.07% or 4.98 points to 6,353.63, while the broader all shares index climbed by 0.11% or 4.34 points to 3,770.94.
“The local market’s sideways movement closed in the positive territory as appreciation of inflation’s decline last July took over. Investors are also optimistic toward the Bangko Sentral ng Pilipinas’ (BSP) policy outlook following the latest inflation print,” Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.
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