Stocks rise on good overseas news

SHARE prices ended higher Monday coming  from a shortened trading week due to the Lenten season last week.

The Philippine Stock Exchange index (PSEi) was up 100.15 points or by 1.82 percent to 5,610.98.

The broader all shares index was up 48.19 points or by 1.45 percent to 3,380.63.

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Gainers 112 to 70  with 46 stocks unchanged. Trading turnover reached P5.2 billion.

The peso closed at 50.595 to the dollar, down from 50.585 on Wednesday last week.

The currency opened at 52.60, hit a high of 50.57 and a low of 50.65.

Trading turnover reached $1.94.2 million.

Luis Limlingan, managing director at Regina Capital Development Corp., said the market “rallied over optimism as Fed announced new measures to fix financial markets.”

“Positive vibes from the slowdown in virus cases in New York & Europe, plus OPEC+ (Organization of Petroleum Exporting Countries) deal to cut output and end price war bolstered positive in markets today, even though Hong Kong  is closed for holiday,” Limlingan said.

He said the death toll in New York State topped 700 for a sixth straight day, while Europe showed some signs the worst of the coronavirus may be over. Italy had the fewest new fatalities in more than three weeks, while France had the smallest rise in deaths in four days.

The OPEC and other oil-exporting countries meanwhile  committed to cut 9.7 million barrels a day – just below the initial plan of 10 million.

Limlingan said Mexico appeared to have won a “diplomatic victory because it will only have to cut 100,000 barrels, less than its pro-rated share of 300,000 barrels.”

Most actively traded BDO Unibank Inc. was steady at P98.50. Jollibee Foods Corp. was up P15 to P135. Ayala Corp. was up P10 to P508. SM Prime Holdings Inc. was up P090 to P30.10. Ayala Land Inc. was up P1.45 to P33.45. International Container Terminal Services Inc. was up P1.05 to P74.80. Pure Gold Price Club Inc. was up P2.60 to P44. SM Investments Corp. was steady at P870. Metro Pacific Investments Corp. was steady at P870. Metro Pacific Investments Corp. was up P0.01 to P2.50. Dito CME Holdings Corp. was up P0.15 to P1.85.

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