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Ahl Alraya 2 Episode 2 Part 1 أهل الراية 2 الحلقة 2 الجزء 1

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Ahl Alraya 2 Episode 2 Part 1 أهل الراية 2 الحلقة 2 الجزء 1

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News Report:

PHL shares open higher on remittances, SM Prime, US stocks

Philippine shares opened higher on Wednesday as the market cheered remittances from overseas Filipinos, corporate news and the strong closing of US stocks overnight on Wall Street.

The bellwether PSEi was up 17.97 points or 0.27 percent to 6,639.63 as of 10:16 a.m. The broader all shares index increased by 9.89 points or 0.25 percent to 3,998.46.

"The market opened on the green side, trailing the US equities market's overnight rally," said Freya Natividad, analysts at Papa Securities Corp.

US stocks ended a volatile session higher on Tuesday, lifted by gains in such blue-chip names as Coca-Cola and Johnson & Johnson, though persistent weakness in momentum names limited the Nasdaq's advance, Reuters reported.

Apart from that, the market went up on positive local news, Natividad told GMA News Online.

"There's good economic data, particularly OFW remittances, and upbeat corporate news like SMPH," she said.

On Tuesday, Bangko Sentral ng Pilipinas said remittances by overseas Filipinos rose 6.8 percent to $1.994 billion in February from $1.881 billion a year earlier, mainly reflecting the continued increase in the number of workers deployed abroad.

Sy-led SM Prime Holdings Inc. announced it will spend P400 billion in the next five years in hopes of doubling revenues and income by 2018. 

Natividad, however, cited the possibility of an intraday correction with many investors already in vacation mode ahead of the Holy Week holidays. – VS, GMA News

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