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Stocks rise on rice price cap, China stimulus

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Local stocks advanced for the third day even as the government reported inflation rate quickened to 5.3 percent in August

The 30-company Philippine Stock Exchange index rose 10.32 points, or 0.17 percent, to close at 6,225 on Tuesday, while the broader all-shares index inched up 3.7 points to settle at 3,360.14.

A series of announcements out of Beijing recently has helped lighten the mood on trading floors after months of dour data indicating the country’s post-Covid recovery has hit a wall. “Although individual regulatory changes may not cause significant market shifts, the combined impact of several rapid adjustments sends strong signals,” said Redmond Wong at Saxo.

There is a worry that a default could be bigger than that at Evergrande in 2021, as it has four times as many projects.

 

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Philippine stocks extend gains for third dayLocal stocks advanced for the third day even as the government reported inflation rate quickened to 5.3 percent in August
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