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Thursday, April 25, 2024

Stocks rise as index breaks 7,000 points

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The stock market rallied Thursday in step with a global advance, buoyed by gains in blue chips and encouraging economic data showing factory production up by a robust 34 percent in January.

The Philippine Stock Exchange Index surged 99.90 points, or 1.4 percent, to a year-high of 7,048.08 on a value turnover of P7.4 billion. Gainers overwhelmed losers, 130 to 52, with 39 issues unchanged. The index returned to the 7,000-point mark for the first time this year, after slumping to as low as 6,084.28 on January 21, 2016. 

The Philippine Statistics Authority  said Thursday factory output jumped 34 percent in January from a year ago, on higher food and chemical production, signaling a good start for the economy in the first quarter.

“The manufacturing sector is expected to grow more strongly for the year ahead following moderate growth in 2015, on account of weak global demand and adverse weather conditions,” said Economic Planning Secretary Emmanuel Esguerra.

Conglomerate Ayala Corp. climbed 2.2 percent to P754.50, while unit Ayala Land Inc. gained 2.2 percent to P34.95.

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Alliance Global Group Inc. of tycoon Andrew Tan advanced 4.6 percent to P16.10, while First Gen Corp. of the Lopez Group jumped 6.8 percent to P21.25.

Asian investors turned positive again Thursday, as they turn their attention to a European Central Bank policy meeting later in the day that is expected to see another stimulus push.

But while most regional markets are in the ascendancy, Shanghai—which analysts say has been supported in the past few days by state-backed buying—was in retreat despite a strong Chinese inflation reading. With AFP

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