Strong peso supports stock market’s

By Jenniffer B. Austria

THE Philippine Stock Exchange index climbed 68.21 points, or 1.07 percent, to close at 6,466.85

Wednesday, ahead of the highlyanticipated US June inflation report.

Michael Ricafort, chief economist of Rizal Commercial Banking Corp., said the strengthening of the peso against the dollar amid the seasonal increase in remittances also boosted the equities market.

“The PSEi again ended higher before the latest US consumer price index for June 2023 widely expected by the markets to ease further towards 3 percent from 4 percent in May 2023,” Ricafort said. Foreign investors were net buyers, which increased the value turnover to P3.84 billion.

Asian and European markets mostly rose Wednesday as investors jockeyed for position ahead of a key US inflation report later in the day, and Hong Kong extended gains on hopes for fresh Chinese stimulus.

Regional equities have enjoyed a broadly positive week so far after China signaled a long-running crackdown on the tech sector was nearing an end while officials also pledged help for ailing developers.