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Sunday, February 25, 2024

Stock market rose on first day of December trading

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Philippine stocks started December trading on a positive note amid the drop in oil prices.

The Philippine Stock Exchange index rose 21.45 points, or 0.34 percent, to close at 6,245.18 Friday, while the broader all-shares index inched up by 4.39 points, or 0.13 percent, to settle at 3,332.22.

Luis Limlingan, head of sales from Regina Capital Development Corp., said oil prices declined despite the latest extension of production cuts by OPEC+ producers in an attempt to boost the market.

“Oil declined Thursday, erasing early gains as traders grew more convinced that OPEC+, a group composed of OPEC plus oil producing allies, will not deliver on promised output cuts,” Limlingan said.

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