Investors cheer favorable growth, inflation

MANILA -The benchmark Philippine Stock Exchange index (PSEi) bounced higher on Wednesday after the World Bank raised growth forecasts for the country while inflation cooled further in May.

By the closing bell, the PSEi added 1.31 percent, or 84.77 points, to 6,564.70 while the broader All Shares index climbed 0.75 percent, or 26.18 points, to 3,495.65.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said stocks were higher after the World Bank raised its estimate for Philippine [gross domestic [product] growth for 2023 to 6 percent (from the previous estimate of 5.6 percent), 5.9 percent estimate for 2024 and 2025.