PSEi climbs to 6,400 level before inflation data

PHILIPPINE SHARES climbed for a second straight day on Tuesday as expectations of cooling inflation boosted investor sentiment.

- — Revin Mikhael D. Ochave

The bellwether Philippine Stock Exchange index (PSEi) rose by 0.94% or 60.20 points to close at 6,412.86, while the broader all shares index went up by 0.73% or 27.54 points to 3,770.95.

“The local market extended its rise as investors continued to draw optimism from the expectation that inflation remained below the government's target last May, giving the Bangko Sentral ng Pilipinas (BSP) more leeway to cut rates,” Philstocks Financial, Inc, Senior Research Analyst Japhet Louis 0. Tantiangco said in a Viber message.

“Philippine shares broke past the 6,400 market once again, driven by broad market optimism ahead of Thursday’s inflation report from last month,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said in a Viber message.