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Market Update: Philippines Stocks Attempt a Rebound
The PSE Index went up 10 points or 0.2% to 6,175 in early deals on Tuesday after closing at a near seven-month low on Monday, as risk appetite returned following a rally in Wall Street overnight as traders tempered fears about inflation-driven rate hikes. Sentiment was also supported by reports that the US Treasury yields fell on Monday after a few Fed officials affirmed their support to keep monetary policy accommodative for some time. On the COVID-19 virus vaccines, local media reports said that about 40 million doses of Pfizer’s virus vaccine candidate are expected to be delivered to the Philippines by Q3 2021. Aside from the delivery, the country is expecting to receive 2.2 million doses of the same brand from the COVAX facility in the coming month. In business news, the Philippines smartphone market grew by 26.8% yoy, bringing in 4.2 million unit shipments during Q1 2021, according to the latest report by International Data Corporation. [/s2If]
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