The peso closed at P54.35:$1, 8 centavos weaker, while the PSEi added 65.81 points, or 1.01 percent, to end the day at 6,602.17.
The broader All Shares advanced by 23.95 points, or 0.69 percent, to 3,516.72.Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said investors were cheered by the Bangko Sentral ng Pilipinas' having lowered its 2023 and 2024 inflation forecasts.Monetary authorities now expect inflation to average 6.0 percent this year instead of 6.1 percent. The outlook for next year was also lowered to 2.9 percent from 3.1 percent.'This comes after the widely expected 0.
in order to maintain comfortable interest rate differentials to help stabilize the peso and overall inflation,' Ricafort added.Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said the BSP had signaled that interest rate hikes could be coming to an end.Thursday's 25-basis point increase brought cumulative rate hikes since May last year to 425 bps.The peso opened trading at P54.36:$1 and ranged from P54.22 and P54.42. Volume reached $1.
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