The main composite index of the Philippine Stock Exchange bounced back Tuesday from Monday’s profit-taking on positive economic data and forecasts.
Value turnover reached P6.04 billion, above the year-to-date average of P5.9 billion. Foreign investors were net buyers, with net inflows reaching P463.82 million. Meanwhile, Chinese stocks surged on Monday after officials unveiled further economic stimulus measures, while Wall Street indices concluded a buoyant quarter with new records.
They extended a rally that began last week as Chinese officials announced fiscal measures, notably interest-rate cuts and relaxed rules on buying homes, aimed at igniting growth in the world’s second-biggest economy. But elsewhere in Asia, Tokyo stocks dropped nearly five percent on expectations that incoming prime minister Shigeru Ishiba would pursue policies keeping the yen strong — which would weigh on Japanese exporters.In Paris, Stellantis — whose brands include Jeep, Fiat and Peugeot — saw its shares plummet 14.7 percent after slashing its operating margin target, citing costs for improving its North America operations and increased Chinese competition.