PSEi gains 0.72% to 6,465.45; April inflation at 1.4% low

On Wednesday, the Philippine Stock Exchange index (PSEi) climbed further with a gain of 0.72% to 6,465.45 points, driven by hopes for further rate cuts from the Bangko Sentral ng Pilipinas (BSP) amid easing inflation.

All sectoral indices except Property saw gains, with Industrials leading the way with an increase of 1.36 percent.

Philippine Statistics Authority reported that April's inflation rate was at 1.4%, marking a five-year low as oil and food prices continued to moderate.

The Philippine peso also strengthened against the US dollar, closing at 55.61 from Monday’s close of 55.77.

Trade volume increased to P8.27 billion on Wednesday with net foreign buying standing at P671.55 million.