Philippine shares entered the bull market territory on Friday as investors cheered the easing of US inflation and the rosy outlook on local commodity prices.
“The index has now made strides into the bull market territory since falling into the 5,700 range less than six months ago,” Regina Capital head of sales Luis Limlingan said.
Philstocks Financial equity analyst Claire Alviar said that “investors cheered the easing of US inflation in December.”“While prices rose at a 6.5% pace compared to the previous year, the results heightened hopes that the Federal Reserve may soon slow its hiking,” Limlingan said.
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