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Market Update: Philippines Stocks Jump to Near 1-1/2-Month High
The PSE Index soared 173 points or 2.7% to a near 1-1/2-month high of 6,515 in early trade on Thursday, rising for the third straight session. as recent comments from Federal Reserve officials helped eased concerns about runaway inflation. Risk appetite was also boosted by reports that Manila is set to allow the use of Pfizers COVID-19 vaccine for those aged 12 to 15 years after the US FDA earlier this month expanded the emergency use authorization of the drugmaker’s vaccine to include young Americas. On the debt management front, the Philippines government reportedly will ramp up domestic borrowings to PHP 215 billion in June through weekly treasury bills and bond issuances to take advantage of strong market reception to longer debt tenors. Market participants now look toward US weekly jobless claims and GDP data due later in the day, along with personal consumption spending data on Friday. [/s2If]
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