PSEi smashes 6,800 in promising breakout

The Philippine Stock Exchange index (PSEi) rallied above 6,800 on Thursday as investors cheered the rosy inflation outlook by Bangko Sentral ng Pilipinas Governor Felipe Medalla. The PSEi jumped 1.85 percent, or 124.19 points, to 6,833.53 while the broader All Shares index rose 1.37 percent, or 48.58 points, to 3,588.04. Analysts believe a sustained breakout above 6,800 could signal a reversal of the PSEi's downward trend. Medalla said in an interview with ANC on Thursday the worst of the consumer price surge was potentially over and inflation could drop below 4 percent in the third quarter of 2023, which was within the government's target range of 2-4 percent. Investors were...

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