Equities investors sell on good inflation news
The Philippine Stock Exchange index (PSEi) unexpectedly fell on Tuesday despite government data showing inflation cooled to 6.1 percent in May from 6.6 percent the previous month.
The PSEi slumped 0.64 percent, or 41.71 points, to 6,479.93 while the broader All Shares index declined 0.48 percent, or 16.86 points, to 3,469.47.
It was a sell on new session in the local market with inflation coming in line at 6.1 percent, right within market expectations, Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Tuesday.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said in a separate note that core inflation remained stubbornly elevated.