Share prices on the Philippine Stock Exchange closed in the green on Tuesday as the local market followed its regional peers, taking cue from Wall Street’s overnight rally and data from China’s purchasing managers’ index (PMI).
The benchmark PSEi gained 102.54 points or 1.68% to 6,2017.72 at the closing bell. The broader All Shares increased by 48.31 points or 1.34% to 3,645.17.
“The local market rallied together with its regional peers amid the positive cues from Wall Street and China’s above than expected official manufacturing Purchasing Manager’s Index at 50.9,” Philstocks Financial said.
On Wall Street, investors cheered strong US housing data that showed a bounce back in home sales, and are anticipating positive jobs data later this week as the US jobs numbers are expected to tick up as people head back to work, according to a report by Reuters.
In Asia, investor focus will be on China's official purchasing managers' index (PMI), which is expected to show factory activity grew for a fourth straight month in June albeit at a slower pace, raising concerns the recovery in the world's second-largest economy may be stalling.
More than 857.265 million shares valued at P6.465 billion, changed hands. Advancers led decliners, 118 to 70, and 54 issues were unchanged. — BM, GMA News
Source: Peso Economics
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