Philippine stocks started the month of September on positive a note as banks and conglomerates continued to advance.
Holding firms rose the most among the sub-indices, rising by 1.27 percent. This was followed by services which climbed 0.89 percent and financials by 0.56 percent. Figures on Friday showed the Federal Reserve’s favored gauge of inflation — personal consumption expenditures index — fell in line with forecasts in July, setting the bank up to ease monetary policy this month.
A well-below-forecast reading last month fanned fears of a recession and sparked a rout across equities, though figures since then have soothed those concerns. “That leaves the focus squarely on payrolls on Friday as the key indicator ahead of the September 18 decision.”After a strong finish on Wall Street, where all three indexes ended sharply higher, Asia struggled to match up.