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MANILA, Philippines – Local stocks extended their climb on Thursday as easing concerns over the United States Federal Reserve’s policy outlook lifted investor sentiment, although trading remained subdued as many investors stayed on the sidelines.
The benchmark Philippine Stock Exchange Index (PSEi) rose 0.36 percent, or 22.65 points, to close at 6,325.15.
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According to Philstocks Financial Inc., the market drew support after the US producer price index for June declined by 0.3 percent, reinforcing expectations that inflation pressures are easing and reducing uncertainty over the Federal Reserve’s next policy moves.
