PSEi rises on inflation slowdown optimism

Philippine shares climbed for the third consecutive day, with the Philippine Stock Exchange index (PSEi) rising 0.95% to 6,121.77, boosted by optimism over the slowdown in February inflation.

The February consumer price index (CPI) cooled to a five-month low of 2.1% from 2.9% in January, driven by lower prices of food and utilities, according to the Philippine Statistics Authority.

This inflation figure falls within the Bangko Sentral ng Pilipinas' forecast range of 2.2%-3% and is seen to raise prospects for the BSP's policy easing.

Property firms led the gainers, with Ayala Land Inc. and SM Prime Holdings Inc. rallying by more than 3% each.

Despite the market gains, foreigners were net sellers, with foreign outflows totaling P105.8 million.

The peso closed sideways at 57.9 to a dollar on Monday.