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Market Update: Philippines Equities Trade at Near 7-Month Low
The PSE Index shed 25 points or 0.4% to a near seven-month low of 6,174 in early deals on Monday, as traders anxiously anticipated the release of US inflation later in the week for guidance on monetary policy. Minutes of the US Fed’s last policy meeting showed that some policymakers are already comfortable discussing a tapering plan, amid signs of the country’s robust economic recovery this year. Meantime, US leading indicators signaled rapid growth in both the services and factory sectors, although cost pressures grew further. Investors shrugged off a statement on Saturday by the Philippines’ foreign ministry that Manila and Beijing held “friendly and candid” talks on the South China Sea, days after the minister ordered Chinese vessels out of the disputed waterway. On the pandemic side, the Philippines logged 3,083 new infections on Sunday, the lowest figure since March 11th, amid issues on the reporting system. The latest data brought the country’s total tally to 1.18 million. [/s2If]
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