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Saturday, April 13, 2024

Stocks traded higher Monday on latest US jobs data

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MANILA—Local stocks rose Monday in line with most Asian markets on hopes the US Federal Reserve may pause monetary tightening in response to weak jobs data.

The 30-company Philippine Stock Exchange index climbed 33.62 points, or 0.54 percent, to close at 6,214.68, while the broader all-shares index picked up 14.47 points to settle at 3,356.44.

China Bank Capital managing director Juan Paolo Colet said traders took their cue from the latest US employment report and news the one of China’s largest property developers won a debt payment reprieve from bonds holders.

Colet said, however, that investors remained generally cautious ahead of the release of Philippine August inflation report.

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