THE peso regained some ground on Thursday and the stock market also climbed back to the 6,500 level with investors said to have continued digesting lower-than-expected May inflation.

The currency strengthened by 17 centavos to P58.611 against the dollar while the bellwether Philippine Stock Exchange index (PSEi) climbed by 1.06 percent, or 68.54 points, to close at 6,509.86.

The broader All Shares added 36.10 points, or 1.05 percent, to 3,489.79.

The peso opened trading at P58.68:$1 and ranged from P58.54 to P58.72. Volume reached P1.378 billion, higher than the P1.319 billion recorded in the previous session.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said that the peso strengthened after the US dollar fell against major global currencies.

Philstocks Financial Inc. research and engagement officer Mikhael Plopenio, meanwhile, said "the local market rose as investors continued to digest the Philippines' May inflation data which remained within the government's 2-4 percent target range."

At 3.9 percent, the result was lower than the market consensus of 4.0 percent.

Regina Capital Development Corp. Managing Director Luis Limlingan also said that "the local bourse extended its gains as investors digested the better-than-expected inflation print for May and anticipated that the Fed might lower interest rates later this year."

Except for mining and oil, which plunged by 0.34 percent, all other sectors closed in the green. Services climbed the most by 2.76 percent.

Gainers outnumbered losers, 102 to 81, while 60 remained unchanged.

Read The Rest at :