The benchmark Philippine Stock Exchange index (PSEi) climbed by 41.63 points or 0.59% to close at 7,037.74 on Tuesday, while the broader all shares rose by 18.96 points or 0.50% to 3,742.92. READ:
The benchmark Philippine Stock Exchange index climbed by 41.63 points or 0.59% to close at 7,037.74 on Tuesday, while the broader all shares rose by 18.96 points or 0.50% to 3,742.92.
“Philippine shares were bought up as investors continued to keep an eye on surging rates and commodities. Macroeconomic data outside the country remained weak, while locally others are making bets ahead of the earnings season,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan added in a Viber message.
China said on Friday it would cut the amount of cash that banks must hold as reserves for the first time this year, releasing about 530 billion yuan in long-term liquidity to cushion a sharp slowdown in economic growth, Reuters reported. China’s gross domestic product on Monday beat analysts’ expectations with a 4.8% increase in the first quarter from a year earlier, while data on March activity showed weakness in consumption, property and exports affected by COVID-19 curbs.
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