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Market Update: Philippines Equities Advance 0.4%
The PSE Index gained 30 points or 0.4% to 6,900 in early deals on Wednesday, rising for the second straight session and following the positive cues from US equities overnight, amid growing optimism that the Fed will continue to support the economy while signaling it was ready to deal with price pressures. Risk appetite was also lifted by news that the Philippines Tuesday saw 3,666 new COVID-19 infections, the lowest daily number in almost a month. The latest figure brought the country’s total virus tally to 1.36 million. Meantime, President Rodrigo Duterte has threatened to arrest Filipinos who refuse vaccination and told them to leave the country if they would not cooperate with efforts to end a health crisis. In business news, local media reports said that Philippines Airlines’ anticipated filing of Chapter 11 creditor protection in New York was targeted on June 29th, which would mark a milestone in an effort to save the flag carrier from losses due to the pandemic. [/s2If]
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