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MANILA, Philippines – Philippine shares went green on Friday as investors welcomed a slower-than-expected inflation readout, raising hopes that the Bangko Sentral ng Pilipinas (BSP) may have more room to ease monetary policy in the coming months.
The benchmark Philippine Stock Exchange Index climbed 0.45 percent or 26.45 points to close at 5,938.38, recovering from recent weakness as sentiment improved following the release of May inflation data.
READ: Inflation slows to 6.8% in May
According to Philstocks Financial Inc., the market drew support from the latest inflation reading of 6.8 percent. It came in below both the BSP’s 7.1- to 7.9-percent forecast range and April’s 7.2-percent pace.
