The benchmark Philippine Stock Exchange index shed 228.55 points or 3.38% to close at 6,530.04 on Friday, while the broader all shares index dropped by 88.73 points or 2.46% to close at 3,511.93.Analysts said that local shares ended lower last week with the release of inflation data of both the Philippines and the US for May.
RCBC Securities, Inc. Head of Research Erwin Rommel C. Fuentes said in an e-mail that he expects market sentiment to remain bearish after US inflation accelerated in May. Inflation increased 1.0% last month after gaining 0.3% in April. This was higher than the 0.7% forecast from a Reuters economists poll.
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