The local bourse opened the week in the green as news on the unexpected rise in employment in the United States boosted investors’ sentiment. “The local market rallied today on the back of the unexpected 2.5 million job increase in the US last May. Meanwhile, the market experienced net foreign selling at P147.43 million, which Tantiangco said showed that Monday’s positive result was carried by local funds. “Last Friday, it was reported Nonfarm payrolls rose 2.5 million in May, compared to consensus expectations of another huge decline. Household employment recovered 3.8 million in May, and both the unemployment rate and the U6 underemployment rate fell,” he continued.

Source: Manila Times June 08, 2020 18:22 UTC