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Market Update: Philippines Stocks Rebounds
The PSE Index went up 59 points or 0.9% to 6,886 in early deals on Tuesday, rising for the first time in five sessions and tracking Wall Street that closed in the deep green overnight, on hopes that both the Federal Reserve and the US government will continue to help stock prices. Meanwhile, Fed chair Jerome Powell said in written testimony to be delivered later in the day at a congressional oversight hearing that the US economy is growing at a healthy clip while mentioning that a surge in US inflation is only temporary. In recent data, the government budget deficit in the Philippines decreased slightly to PHP 200.3 billion in May from PHP 202.1 billion in the same month a year earlier, amid a jump in revenues. On the COVID-19 side, President Rodrigo Duterte has threatened to jail people who refuse to be vaccinated against the coronavirus as the Philippines battles one of Southeast Asias worst outbreaks, with a total tally of over 1.3 million. [/s2If]
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