Philippine stocks closed marginally lower Tuesday as July inflation rate came in higher than expected, which could derail the much-anticipated interest rate cut this month.
The bellwether Philippine Stock Exchange index shed 1.49 points, or 0.02 percent, to close at 6,433.24, while the broader all-shares index inched up by 4.47 points, or 0.13 percent, to reach 3,520.94. As the July inflation rate came in slightly worse than expected, the Bangko Sentral ng Pilipinas indicated that government’s monetary policy would remain unchanged.
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