The Philippine Stock Exchange index added 232.25 points or 3.6% to close at 6,674.38 on Tuesday, while the broader all shares index increased by 73.79 points or 2.16% to 3,477.72.
Headline inflation stood at 8% in November, its quickest pace in 14 years. This was faster than the 7.7% in October and the 3.7% in the same month last year, and was also the quickest headline print since the 9.1% in November 2008. “[There] were no concerns brought about by inflation hitting 8%, which was above the latest Bloomberg median estimate,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
US manufacturing activity increased to 61.1 in November following the 60.8 it posted in October, Reuters reported. A reading above 50 means expansion in the country’s manufacturing activity which accounts for 12% of the US economy.