Philippine stocks extended their gains on Thursday, buoyed by soft inflation data from the United States that eased expectations of further Federal Reserve rate hikes, as well as optimism over upcoming second-quarter corporate earnings, BusinessWorld reported.
The Philippine Stock Exchange index (PSEi) rose 0.35% or 22.65 points to close at 6,325.15, while the broader all shares index gained 0.44%. The advance followed a rally in US equities after the consumer price index came in below expectations, suggesting the Federal Reserve may slow its tightening cycle.
Market participants are also looking ahead to the release of second-quarter financial reports from Philippine listed companies, which are expected to show improved performance amid a recovering economy. Analysts noted that the positive sentiment could persist if earnings results meet or beat forecasts.