Last-minute buying lifts stocks; peso down

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Share prices ended up Thursday as investors took to overseas leads to trade the market.

The Philippine Stock Exchange index was up 66.44 points to 8,348.45, a 1.06 percent hike.

The broader all shares index was up 15.89 points to 3,714.29, a 0.43 percent hike.
Losers edged gainers 124 to 69 with 46 stocks unchanged. Trading turnover reached P10.44 billion.

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The peso closed at 50.17 to the dollar, down from 50.03 on Wednesday.

The currency opened at 50.06 and hit a high of 49.96 and a low of 50.18. Trading turnover reached $1.17 billion.

“Local shares were bought up towards closing as investors monitored signs of a revival of the coronavirus pandemic in some US states and China, while still hoping for a quick economic recovery as business activity resumes,” said Luis Limlingan, managing director at Regina Capital Development Corp.

“European stocks closed higher on Wednesday as optimism persisted over a potential economic recovery, while markets also kept an eye on geopolitical tensions,” he added.

Most actively traded MerryMart Consumer Corp. was down P0.62 to P2.75. SM Investments Corp. was up P7 to P963. Emperador Inc. was down P0.03 to P8.09. Vitarich Corp. was up P0.10 to P0.90.

Jollibee Foods Corp. was up P4.90 to P1490.90. Dito Holdings Corp. was down P0.04 to P3.10. Ayala Corp. was down P0.50 to P790.

Metro Pacific Investments Corp. was up P0.10 to P3.59. Ayala Land Inc. was up P0.65 to P36.45. Alliance Global Group Inc. was down P0.14 to P7.06.

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