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Market Update: Philippines Stocks Close at Near 7-Month Low
The PSE Index lost 34 points or 0.6% to close at a near seven-month low of 6,165 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. 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, local media reports said that Manila would start a study on mixing COVID-19 brands by June, adding that it will focus on blending Sinovac with other brands as the country has 5.5 million Sinovac vaccines, 2,6 million AstraZeneca vaccines, and 30,000 Sputnik vaccines. [/s2If]
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