Market climbs; SMIC, DMCI lead advancers

The PSEi, the 30-company benchmark index of the Philippine Stock Exchange, gained 65 points, or 1.1 percent, to close at 5,970.33, as four of the six subsectors advanced.

Remittances, which account for about a tenth of the gross national income, grew 4.3 percent in August, supporting the positive outlook for consumer spending in the country.Meanwhile, Asian markets started the week in mixed fashion as Friday’s rally petered out. “This will continue to put fiscal pressure on local governments, and when the number of Covid cases increase, we should keep seeing localised lockdowns.”

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