Shares extend rally on optimism over economic growth
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Shares extend rally on optimism over economic growth
ABS-CBN News
Published Apr 04, 2017 04:48 PM PHT

MANILA – Share prices rallied on Tuesday, as expectations the economy could grow by as much as 7 percent in the first quarter helped lure foreign funds back to the market.
MANILA – Share prices rallied on Tuesday, as expectations the economy could grow by as much as 7 percent in the first quarter helped lure foreign funds back to the market.
The Philippine Stock Exchange Index closed 1.43 percent higher to 7,446.49 for a second straight day of gains. Foreign investors were net buyers for a third straight session.
The Philippine Stock Exchange Index closed 1.43 percent higher to 7,446.49 for a second straight day of gains. Foreign investors were net buyers for a third straight session.
Buying in property stocks reflected investors' confidence in the economy, said AB Capital Securities analyst Migs Lopez.
Buying in property stocks reflected investors' confidence in the economy, said AB Capital Securities analyst Migs Lopez.
“Investors are currently optimistic that we might be having 7 percent GDP (gross domestic product growth),” Lopez told ANC’s “Market Edge with Cathy Yang.”
“Investors are currently optimistic that we might be having 7 percent GDP (gross domestic product growth),” Lopez told ANC’s “Market Edge with Cathy Yang.”
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Asian shares inched lower as caution reigned ahead of a potentially tense meeting between US President Donald Trump and his Chinese counterpart Xi Jinping later this week.
Asian shares inched lower as caution reigned ahead of a potentially tense meeting between US President Donald Trump and his Chinese counterpart Xi Jinping later this week.
The dollar lost ground after investors sold stocks overnight and looked to safe havens as political uncertainty overshadowed positive US economic data and solid growth in global manufacturing.
The dollar lost ground after investors sold stocks overnight and looked to safe havens as political uncertainty overshadowed positive US economic data and solid growth in global manufacturing.
European markets were also set for a subdued start, with financial spreadbetter CMC Markets predicting Britain's FTSE 100 will open 0.1 percent higher, and Germany's DAX and France's CAC 40 will start the day flat.
European markets were also set for a subdued start, with financial spreadbetter CMC Markets predicting Britain's FTSE 100 will open 0.1 percent higher, and Germany's DAX and France's CAC 40 will start the day flat.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2 percent.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2 percent.
Japan's Nikkei slumped 1.1 percent as automakers tumbled on weaker-than-expected US sales and investors sought out the safe-haven yen.
Japan's Nikkei slumped 1.1 percent as automakers tumbled on weaker-than-expected US sales and investors sought out the safe-haven yen.
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Toshiba Corp, the worst performer on the index, tumbled 9.5 percent after sources said the company would meet creditor banks on Tuesday to ask them to accept as collateral shares in some of its businesses, including its soon-to-be split-off memory unit, in exchange for not calling in their loans.
Toshiba Corp, the worst performer on the index, tumbled 9.5 percent after sources said the company would meet creditor banks on Tuesday to ask them to accept as collateral shares in some of its businesses, including its soon-to-be split-off memory unit, in exchange for not calling in their loans.
Australian shares slid 0.3 percent after the central bank voted to hold rates steady at a record low 1.5 percent as expected, while pointing out that growth in household borrowing, largely to buy housing, is outpacing increases in household income.
Australian shares slid 0.3 percent after the central bank voted to hold rates steady at a record low 1.5 percent as expected, while pointing out that growth in household borrowing, largely to buy housing, is outpacing increases in household income.
Earlier in the day, the statistics bureau reported an expansion in the country's February trade surplus to more than double the previous month's as exports of gold and minerals rebounded, while imports dropped.
Earlier in the day, the statistics bureau reported an expansion in the country's February trade surplus to more than double the previous month's as exports of gold and minerals rebounded, while imports dropped.
The Australian dollar was 0.3 percent weaker at $0.7585.
The Australian dollar was 0.3 percent weaker at $0.7585.
China, Hong Kong, Taiwan and India were closed for holidays.
China, Hong Kong, Taiwan and India were closed for holidays.
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Adding to market concerns was an attack by a suspected Islamic suicide bomber on a metro train in St. Petersburg, Russia, that killed 11 people and injured 45. -- with a report from Reuters
Adding to market concerns was an attack by a suspected Islamic suicide bomber on a metro train in St. Petersburg, Russia, that killed 11 people and injured 45. -- with a report from Reuters
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