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Market Update: Philippines Stocks Close 0.7% Higher
The PSE Index added 46 points or 0.7% to end at 6,810 on Tuesday, reversing from a fall of 0.5% in the prior session, buoyed by after 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. In the US, meantime, Fed officials maintain the narrative that the current rising inflation is transitory in nature. Investors now anticipate the release of April’s trade data on Wednesday, along with the Chinese inflation figure for May. Gainers were almost broad-based: property (1%), holding firms (0.9%), services (0.3%), industrials (0.2%), and financials (0.1%). [/s2If]
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