Philippine stocks extend gains for third day

Local stocks advanced for the third day even as the government reported inflation rate quickened to 5.3 percent in August 2023.

The 30-company Philippine Stock Exchange index rose 10.32 points, or 0.17 percent, to close at 6,225 on Tuesday, while the broader all-shares index inched up 3.7 points to settle at 3,360.14.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the market welcomed the government’s implementation of a temporary price ceiling on rice which took effect Tuesday, as this would curb inflationary pressures.

Investors also cheered the recent stimulus measures implemented by China to boost its fragile economy.