The 30-company Philippine Stock Exchange index closed at 6,470.74 on Monday, up by 37.64 points, or 0.58 percent, from Friday’s trading, while the broader all-shares index rose 7.18 points, or 0.21 percent, to reach 3,471.05.
Alviar said China’s strong May factory activity also lifted the sentiment in the region, including the Philippines. Value turnover reached P5.1 billion. Meanwhile, Asian equity markets rallied Monday as a dip in inflation revived hopes the Federal Reserve will cut interest rates this year, while Mumbai was boosted by expectations India’s Prime Minister Narendra Modi would win a third term.
Attention now turns to the Friday release of US jobs data, which will provide the latest snapshot of the world’s top economy. Fed officials have said that an easing of the labor market was crucial for them to feel confident enough to loosen monetary policy. UBS Group’s Solita Marcelli added that the “data continue to underpin our base case soft landing scenario”.
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