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Market Update: Philippines Shares Add 0.4%
The PSE Index gained 23 points or 0.4% to 6,787 in early deals on Tuesday after closing 0.5% lower in the prior session, following reports that the jobless rate in the Philippines plunged to 8.7% in Q2 from a downwardly revised 17.6% in the same quarter of 2020, as the economy recovered from the COVID-19 slump. Meantime, manufacturing output grew at a record pace of 154.3% yoy in April, the first rise since November 2011. On the pandemic front, President Rodrigo Duterte expressed optimism in ending the pandemic as more vaccines arrive in the Philippines. Traders shrugged off reports that the World Bank had slashed its Philippine growth projection for this year due to a deeper-than-expected contraction in Q1. In the US, meantime, Fed officials maintain the narrative that the current rising inflation is transitory in nature. Meanwhile, Treasury Secretary Yellen again made the case for President Biden’s $4 trillion spending package even if it pushes inflation higher. [/s2If]
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