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Stocks rise, peso falls as traders brace for key US inflation data

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The PSE index, the 30-company benchmark of the Philippine Stock Exchange, rose 42 points, or 0.7 percent to close at 5,895.64 as five of the six subsectors ended in the green. READ:

The PSE index, the 30-company benchmark of the Philippine Stock Exchange, rose 42 points, or 0.7 percent to close at 5,895.64 as five of the six subsectors ended in the green.

Bangko Sentral ng Pilipinas Governor Felipe Medalla had said monetary authorities would not allow excessive movements in the peso-dollar exchange rate. He confirmed the BSP was “very active” in the foreign exchange market. While there are hopes for signs of a slowdown, traders have taken to the sidelines in case of more volatility. On Wednesday, figures showed wholesale inflation rose a forecast-beating 0.4 percent.

“The big rise in core prices would appear to suggest that inflation is likely to be much stickier over the next few months that markets had originally been hoping,” said CMC Markets analyst Michael Hewson.

 

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