The Philippine Stock Exchange Index dipped 47.64 points, or 0.7 percent, to 6,774.68 on a value turnover of P35.7 billion. Losers beat gainers, 113 to 76, with 48 issues unchanged. Trading was heavy as investors reacted to the rebalancing of the MSCI Global Standard Index on Philippine stocks that took effect May 31.
The rest of Asian stock markets were mixed Tuesday as investors battled to maintain a global rally, with inflation still niggling over a pick-up in oil prices while a top Fed official pressed for a series of sharp rate hikes.But optimism was boosted by data indicating an improvement in China’s crucial manufacturing sector, helped by the easing of some strict COVID containment measures in major cities including Shanghai.
Brent broke above $122 for the first time in two months and WTI sat around $117 as European chiefs said the latest sanctions would ban purchases of Russian oil delivered by sea, though there would be a temporary exemption for pipelines. In a sign of the struggle policymakers face, German prices are rising at their fastest pace ever while Spain’s topped forecasts.
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