Philippines’ shares up on US inflation relief   

The benchmark Philippine Stock Exchange index (PSEi) advanced on Wednesday as investors bet on less aggressive interest rate hikes this week after US inflation showed further signs of cooling.

The PSEi added 0.5 percent, or 32.69 points, to 6,615.07 while the broader All Shares index gained 0.52 percent, or 17.92 points, to 3,449.57.

“The [US November inflation] was 7.1 percent on the year, less than the 7.3 percent gain expected by economists surveyed by Dow Jones,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in note to investors.

The Street expects a 50-basis point (bp) US Federal Reserve rate hike this December, after four consecutive 75-bp hikes, he added.