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Market Update: Philippines Shares Gain 0.5% at Close
The PSE Index added 32 points or 0.5% to close at 6,197 on Tuesday after closing at a near seven-month low on Monday, as risk appetite returned following a rally in Wall Street overnight amid lessening fears about inflation-driven rate hikes. On the COVID-19 virus vaccines, local media reports said that about 40 million doses of Pfizer’s virus vaccines are set to be delivered to the Philippines by Q3 2021. The country is also expecting to get 2.2 million doses of the same brand from the COVAX facility in the coming month. Meanwhile, the WHO backed the Duterte administrations policy not to announce vaccine brands to be used in inoculation sites to avoid congestion arising from peoples preference for a certain brand. Turning to the labor market, a report by the state planning agency showed that the jobless rate in the Phillippines was at 7.1% in March, the lowest since April 2020. Gainers were mainly seen for holding firms (1%), financials (0.5), and property (0.4%). [/s2If]
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