The Philippine Stock Exchange index jumped by 11.91 points or 0.19 percent to close at 6,264.07, following a knee-jerk reaction to the Israel-Hamas conflict.
Unicapital Securities said investors are still on the sidelines waiting for key economic data including US inflation, which is set to be released on Oct.12. The inflation data will provide a cue on the US Federal Reserve’s next move during its next policy meeting in November. One potential outcome of the violence is a slowdown in Iranian oil exports, which have been growing this year, according to Barclays energy analyst Amarpreet Singh. Less supply of crude would raise its price, all else equal.
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Philippine stocks fall after Hamas attack against IsraelPhilippine stocks fell as the conflict between Israel and Palestine over the weekend weighed on market sentiment.
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