The benchmark Philippine Stock Exchange index closed at 6,652.49 Monday, up 36.94 points, or 0.56 percent, while the broader all-shares index rose 18.34 points, or 0.52 percent, to finish at 3,516.51.
Philstocks Financial Inc. research head Claire Alviar said the positive cues from the US markets on Friday also lifted sentiments at home.Except for the property sector which lost 0.02 percent, other sectoral indices ended in the green led by financials , services and mining and oil . Value turnover was at P4.02 billion.
The 175,000 new jobs in April’s NFP report were much lower than the month before and also marked a big miss on expectations, while wage growth was also slightly lower than forecast. “The softer wage growth and a slight increase in unemployment may ease some of the Federal Reserve’s concerns about implementing rate cuts this summer,” said Stephen Innes at SPI Asset Management.
Shanghai was the standout performer as mainland investors returned from a long break to play catch-up with a global rally over the past few days. “Market sentiment appears to be incrementally improving,” said Nicholas Yeo of abrdn, pointing to improving traveler figures, market reforms and strong corporate releases.