Share prices rally on strong China factory activity

MANILA, Philippines — The stock market rallied yesterday, encouraged by an increase in China’s manufacturing data, traders said. 

The benchmark Philippine Stock Exchange index (PSEi), the stock market gauge, rallied by 190.07 points, or 3.70 percent, to finish at 5,321.23. 

Likewise, the broader All Shares index gained by 93.46 points, or 2.97 percent, to close at 3,237.77.

Most indexes rallied as well led by the holding firms and the industrial and financials sectors. 

Total value turnover rose to P7.4 billion. Market breadth was positive with 132 gainers and 53 losers, while 41 issues were unchanged. 

“The unexpected expansion in China’s March official manufacturing PMI data from 35.7 to 52 percent and the cues from Wall Street sent the local bourse together with most of its regional peers higher. The PSEi closed at 5,321.23 up by 190.07 points or 3.70 percent. Volume and value turnover posted 546.31 million and P7.42 billion, respectively. The conglomerates led by the broad based rally with gainers eding losers 132 to 53,” Philstocks Financials said. 

Luis Limlingan of Regina Capital said: “Philippine stocks closed higher yesterday, building on a strong rally from last week as the US extended measures to contain the coronavirus outbreak. Italy reported the slowest rate of new COVID-19 cases in almost two weeks, Spain had fewer deaths after three days of record fatalities and the Netherlands and Portugal both said the rate of new infections slowed. Countries that took measures two to three weeks ago will probably begin to show some signs of stabilization soon, the World Health Organization said.”