AFTER a two-day correction, Philippine shares gathered enough fuel from positive global developments to break past the 6,600-mark anew.
On Tuesday, the Philippine Stock Exchange index (PSEi) ended higher, rising 32.11 points or 0.49 percent to 6,621.66, while the wider all shares went up by 12.95 points or 0.33 percent or to 3,988.57.
“Share prices snapped two days of declines as investors took their cue from a triple-digit overnight advance in the Dow to beef up equity portfolios still a month or so ahead of the local first quarter earnings season,” Accord Capital Equities, Corp. analyst Justino Calaycay said.
All the sectoral indices also posted gains, with financials rising by 18.40 points or 1.17 percent to 1,596.09, followed by mining and oil, which rose 128.07 points or 0.85 percent to 15,215.65.
Property climbed 10.54 points or 0.41 percent to 2,568.68, and services added 7.68 points or 0.40 percent to 1,953.63. Holding firms also advanced 16.64 points or 0.28 percent to 6,042.27, while industrials improved 9.82 points or 0.10 percent to 10,035.94.
The total volume of shares traded ballooned to 4.1 billion, valued at P7.1 billion. Gainers outpaced decliners 107 to 70.
Some of the most actively traded stocks on Tuesday were Nickel Asia Corp., up 1.30 percent at P23.30; Bank of the Philippine Islands, up 2.10 percent at P95 per share; Cosco Capital Inc., up 2.25 percent at P9.99; Metropolitan Bank and Trust Company, up 2.14 percent at P81.30, and D&L Industries Inc., up 2.77 percent at P8.90.
Coming from a correction on Friday, the PSEi ended Monday’s trade lower by 7.41 points or 0.11 percent at 6,589.55, while the broader all shares lost 2.10 points or 0.05 percent to 3,975.62.