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Friday, March 29, 2024

Stocks rally; index climbs to new high

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The stock market rose further Monday to a new record on better economic prospects amid falling oil prices.

The Philippine Stock Exchange Index gained 37.74 points, or 0.5 percent, to 7,586.67 on a value turnover of P8.2 billion. The benchmark index eclipsed the previous record of 7,548.93 registered Friday. Losers, however, beat gainers, 97 to 88, with 44 issues unchanged.

The Philippine economy will benefit the most from lower oil prices, which will boost consumer spending, stabilize inflation and reduce imports, Bangko Sentral ng Pilipinas Gov. Amando Tetangco Jr. said over the weekend.

He said oil shipments accounted for 21 percent of the Philippines’ total imports and 2.8 percent of the gross domestic product in the past.

“In fact, some studies have identified the Philippines as the economy that will benefit the most from lower oil prices in terms of growth,” Tetangco said.

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JG Summit Holdings Inc. of retail and airline tycoon John Gokongwei added 0.5 percent to P64.05, while unit Cebu Air Inc., the biggest budget carrier, jumped 5.7 percent to P98.40.

Philippine Long Distance Telephone Co., the largest telecommunications firm, rose 0.7 percent to P2,984, while Alliance Global Group Inc. of tycoon Andrew Tan climbed 3.7 percent to P25.30.

SSI Group Inc. of the Tantoco Group added 1.8 percent to P11.16, while LT Group Inc. of tobacco and airline tycoon Lucio Tan increased 2 percent to P14.28.

Bloomberry Resorts Corp., which operates a casino on a reclaimed portion of Manila Bay, advanced 3.2 percent to P12.88, while Metropolitan Bank & Trust Co., the second-biggest lender, climbed 2 percent to P95.10.

Ayala Land Inc., a major property developer, dropped 2.7 percent to P34.70, while rival Megaworld Corp., the biggest lessor of office spaces, fell 1.5 percent to P5.12.

The euro, meanwhile, sank to an 11-year low Monday and the rest of Asian equities were muted after an anti-austerity party won Greece’s election, throwing its international bailout into doubt and raising fears it could leave the eurozone.

Oil prices resumed their downward trend after rallying on Friday in response to the death of Saudi Arabia’s King Abdullah, which fueled uncertainty in the crude market. With AFP

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