Philippine shares climb as inflation eases, US cases slow

Philippine shares closed higher on Tuesday due to a slight easing of inflation in March and positive developments regarding the spread of COVID-19 in the US.

The PSEi gained 79.20 points or 1.42% to close at 5,650.01, while the All Shares index increased by 32.30 points or 0.96% to 3,393.05.

Inflation eased to 2.5% in March from 2.6% in February, driven by lower oil prices and price freezes on basic necessities.

Regina Capital Development Corp.'s Luis Limlingan noted that the slowdown in new US COVID-19 cases also boosted investor confidence.

The previous day's surge of over 4% was attributed to declines in confirmed cases in Europe, signaling potential stability in the pandemic spread.