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Market Update: Philippines Shares Add 0.2%
The PSE Index added 14 points or 0.2% to 6,888 in early trade on Friday following the positive cues from US stocks overnight, with the S&P 500 closing at an all-time high after a key US CPI report for May signaled that the inflation pressures are likely to be temporary. In addition, the weekly claims report suggested the labor market recovery continued. Elsewhere, a US House committee approved a $547 billion surface transportation package, adopting some of President Biden’s proposals as part of his $2.3 trillion infrastructure plan. On the pandemic front, the Philippines’ COVID-19 task force said today that it allowed the reopening of gyms, museums, and other establishments in Metro Manila and surrounding areas at 20-30% of their capacities. Authorities also eased restrictions for fully vaccinated senior citizens in areas under modified curbs. [/s2If]
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