Philippine stocks climb above 6,700 on inflation data

Philippine stocks climbed above 6,700 on Friday, recovering from a three-day decline as investors assessed the latest inflation data.

Headline inflation in November accelerated to 2.5% year-on-year, up from 2.3% in October, primarily due to typhoons affecting food prices.

This inflation rate met the Bangko Sentral ng Pilipinas' forecast range of 2.2%-3% for the month and is expected to remain within the BSP's target range for the year.

The PSEi rose by 0.57% to close at 6,729.14, with conglomerates leading the advance while banks and industrials retreated.

Investor sentiment improved with the Peso's appreciation against the US Dollar, climbing back above the 58.00 level.

Market breadth was positive, with 91 gainers outnumbering 83 losers.

Risks to inflation include potential wage hikes and electricity rate adjustments, though declining import tariffs on rice may temper price increases.