Philippine Stocks Rise After Two Days of Retreat

Philippine stocks traded on the Philippine Stock Exchange climbed on Thursday’s close, following two days of decline, with 26 of the 30 blue chip stocks posting gains.

The Philippine Stock Exchange Index (PSEi) rallied on Thursday to revert a two-day decline, gaining 120.63 points or 1.74 percent to close at 7,045.40 points

Bloomberry Resorts Corporation (PSE:BLOOM)’s stock gained the most in today’s trading session, moving up 10.83% to trade at Php6.55 a share at the close. Bloomberry was the only blue chip stock that posted a double-digit gain today.

The wider All Shares gained 1.43 percent to end the day at 4,046.37 points, led by Now Corporation (PSE:NOW), which gained a whooping 49.28 percent in today’s session.

All of the indices were in the green, with Mining and Oil, which slumped the most on Wednesday, leading the rally with a 3.05 percent gain, ending the day with 11,361.84 points.

Regionally, Asian stocks climbed, with the regional benchmark index heading for its first advance in three days, as technology and phone shares advanced.

The MSCI Asia Pacific Index rose 1.2 per cent to 133.04 as of 9.47 am in Hong Kong. The gauge slipped in the past two days, while the Shanghai Composite Index dropped for the first time in six days on Wednesday after data showed Chinese factory- gate prices matched their biggest slump since the global financial crisis, underscoring headwinds for the world’s second- largest economy.¬†–¬†

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