Manila: The slowdown in June inflation helped lift the Philippine Stock Exchange index (PSEi) on Tuesday, while the peso found stability against the United States dollar. The local bourse's main index rose 0.37 percent to 6,247.11 points, and the broader All Shares by 0.11 percent to 3,392.86 points. However, most of the sectoral gauges finished the day in the negative territory, led by Holding Firms, 1.28 percent, and trailed by Property, 1.08 percent; Industrial, 0.83 percent; and Mining and Oil, 0.42 percent. On the other hand, the Services index rose 2.76 percent and Financials by 0.14 percent. Volume reached 1.02 billion amounting to almost PHP5.7 billion. Decliners led advancers at 97 to 82, while 61 shares were unchanged.

According to Philippines News Agency, Philstocks Research attributed the stock index's rise partly to the Philippine Statistics Authority's report on slowing domestic inflation, which dropped to 6.4 percent in June from 6.8 percent the previous month. The decline was primarily driven by reduced fuel and food costs amid lower global oil prices. 'Trading remained tepid with net value turnover at PHP5.33 billion as many still chose to remain on the sidelines,' it added.

This positive development halted the local currency's decline, allowing it to close the trading day at 61.43 against the greenback, up from Monday's finish of 61.49. It opened the day stronger at 61.4 from day-ago's 61.5. It traded between 61.45 and 61.39, bringing the day's average to 61.42. Volume rose to nearly USD1.38 billion from the previous session's USD876.75 million.