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Monday, March 4, 2024

Stocks, peso rise ahead of inflation report

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Local stocks and the peso rose Monday ahead of the release of October inflation and on bullish momentum of Asian markets.

The bellwether Philippine Stock Exchange index climbed 88.76 points, or 1.48 percent, to close at P6,078.03, while the broader all-shares index gained 29.10 points to settle at 3,292.15.

Philstocks Financial Inc research analyst Claire Alviar said investors were betting on upcoming economic data including inflation and the gross domestic product (GDP) growth.

The strong domestic manufacturing data and drop in US long-term treasury yields also helped lift the Philippine market back to the 6,000 level, analysts said.

Value turnover, however, remained thin at P3.21 billion.

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Meanwhile, the peso breached the 55-a-dollar territory on continued hawkish signals from the Bangko Sentral ng Pilipinas.

The peso closed at 55.91 against the greenback Monday, up from 56.10 a dollar Friday.

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