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Market Update: Philippines Shares Finish at Near 3-Week High
The PSE Index soared 144 points or 2.3% to finish at a near three-week high of 6,341 on Wednesday, rising for the second straight session, boosted by optimism that monetary stimulus from the US Federal Reserve will remain in place during a health crisis. On the bond market, the benchmark US 10-year yield hit a near three-week low of 1.557% Tuesday, helping to ease inflation worries. Meantime, domestic media reports said that Manila Tuesday expressing interest in cooperating with Russia to localize the production of coronavirus vaccines and for other diseases in the future. On the data front, the country’s budget deficit narrowed sharply to PHP 44.4 billion in April 2021 from PHP 273.9 billion in the same month a year earlier. All major sectors closed higher: property (3%), holding firms (2.5%), services (2.2%), energy (1.5%), financials (1.3%),and industrials (0.8%). [/s2If]
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