The benchmark Philippine Stock Exchange index (PSEi) dropped 0.66 percent or 50.65 points to close at 7,579.61. The results bucked rallies in neighboring stock markets, which took heart from better-than-expected US jobs and manufacturing data released last Friday. “Investors likely took profits ahead of … [the]inflation release, especially in the light of the fact that the Bangko Sentral ng Pilipinas (BSP) is forecasting an acceleration in May inflation,” China Bank Securities Corp. research director Garie Ouano said. April was the second consecutive month that inflation topped the Bangko Sentral’s 2.0-4.0 percent target for the year. Gokongwei-led URC fell by P8.00 or 6.21 percent to P120.80 apiece while SMIC declined 3.03 percent or P27.50 to P879 per share.

Source: Manila Times June 04, 2018 17:08 UTC