PSEi climbs for second day ahead of inflation data

Philippine shares climbed for a second straight day on Tuesday, with the Philippine Stock Exchange Index (PSEi) rising 0.94% to 6,412.86, driven by broad market optimism ahead of the release of May inflation data.

Analysts expect inflation to have remained below the government's 2% to 4% target range in May, potentially hitting a five-year low of 1.3%, due to falling rice prices.

This expected slowdown in inflation could give the Bangko Sentral ng Pilipinas (BSP) more leeway to cut rates, with its next rate-setting meeting scheduled this month.

Investors will closely monitor the May inflation data, due for release by the Philippine Statistics Authority on Thursday, as it will signal the BSP's next policy move.

On Tuesday, a total of 739.36 million shares worth P6 billion changed hands, with foreigners making net purchases worth P168.83 million.

Top traded stocks included Bloomberry Resorts Corp., which surged by 12.27 percent to P4.94 in anticipation of its online gaming platform, and International Container Terminal Services Inc., which added 0.73 percent to P415.