Stocks fall as inflation still high

The local stock market dropped further yesterday on concern that the April inflation rate remained high. The Philippine Stock Exchange index (PSEi)x fell 59.46 points, or 0.94 percent, to close at 6,299.69 with only the Mining and Oil counter advancing. Volume also fell, down to 4.15 billion shares worth ₱3.89 billion aa losers beat gainers 114 to 92 with 43 unchanged. “Local shares fell caused by concerns regarding rising inflation and possible tax increases in the US,” said Regina Capital Development Corporation Managing Director Luis Limlingan He added that, “investors sold on news with the release of April CPI and more earnings from the PSEi constiuents.” (James A. Loyola)