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Manila Bulletin devider Business devider The Stock Market devider Stocks start Q2 on strong footing

Stocks start Q2 on strong footing

Published Apr 1, 2024 08:38 am

The local stock market kicked off the first trading day of the second quarter with a substantial hike following strong economic data from China and the US.

The main index jumped by 76.28 points or 1.10 percent to close at 6,979.81 as Conglomerates led the advance while the Industrial sector lagged behind. A total of 1.19 billion shares worth P5.49 billion changed hands as gainers outpaced losers 96 to 90 with 53 unchanged.

“Philippine shares started the second quarter on a high note, with fund managers making bets ahead of a new batch of economic data to be released,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said, “following the long weekend, the local bourse closed this Monday on a positive note. The optimism in Asia, given the expansion of China’s factory activity at its fastest rate in 13 months, lifted the sentiment at home."

“This gives hope for the recovery of China’s economy which would be favorable for our economy as it affects trades and tourism in our country,” she added.

Chinabank Capital Corporation Managing Director Juan Paolo Colet said, “the index kicked off the second quarter on a positive note on the back of positive economic news from the US and China.”

“In the US, the February print of the Personal Consumption Expenditures price index, the preferred inflation gauge of the Federal Reserve, was in line with consensus estimates and slower than the January data. This reinforced bets that the Federal Reserve is on track to cut interest rates as soon as June this year,” he noted.

Colet added that “there was also good news from China where data showed that manufacturing activity expanded for the first time in six months.

Related Tags

Chinabank Capital Corporation Juan Paolo Colet Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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