PHILIPPINE shares tumbled out of the 7,000-level on Tuesday despite the recent release of a slower inflation rate in June. Christopher Mangun, AAA Equities head of research, said the local bourse pulled back despite the better-than-expected inflation data. "There was very little excitement about the confirmed continuing deceleration of inflation, which means that it was already priced in by the market," Mangun explained. The Philippine Statistics Authority on Tuesday reported that the country's headline inflation slowed down to 4.1 percent in June from 4.5 percent in May. Managing Director Luis Limlingan likewise said investors sold on news with the release of June consumer price index.

Source: Manila Times July 06, 2021 17:26 UTC