PHILIPPINE STOCKS rebounded on Wednesday as May headline inflation was slower than expected and remained within the central bank’s annual target band.
The benchmark Philippine Stock Exchange index (PSEi) rose by 0.86% or 54.90 points to end at 6,441.32 on Wednesday, while the broader all shares index gained by 0.42% or 14.65 points to 3,453.69.
“The local bourse rose as investors cheered May’s inflation data, which came in at 3.9%, settling near the lower end of the Bangko Sentral ng Pilipinas’ (BSP) forecast for the month. The latest print also remained within the BSP’s 2-4% target range,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.
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