Philippine shares rose for the second straight day on bargain hunting after recent weakness, with sentiment buoyed by the overnight gains on Wall Street.
Elizabeth Abadillo, analyst at Angping and Associates Securities, Inc., said in a text message that the market went up because of the gains in US stocks.
“There were several [pieces of]good news on the horizon. New York went up as a result of strong manufacturing [data]in the US. One of the biggest economies bouncing back is great news welcomed by investors,” Astro Del Castillo, First Grade Finance Inc. managing director, said in a phone interview.
On Tuesday, the Philippine Stock Exchange index (PSEi) went up for a second straight day, rising 66.56 points or 1.04 percent to 6,466.55. The wider all shares index also climbed 35.76 points or 0.92 percent to 3,905.08.
All the sectoral indices posted significant gains, with property advancing by or 34.53 points or 1.43 percent to 2,442.85, followed by mining and oil, which rose 166.89 points or 1.17 percent to 14,392.98.
The industrial index added 110.90 points or 1.13 percent to 9,937.54, while services went up by 20.56 points or 1.09 percent to 1,911.53. Holding firms gained 42.14 points or 0.71 percent to 5,957.60, while financials added 10.70 points or 0.69 percent to 1,555.75.
Participation, however, remained thin at 2,1 billion shares, valued at P7.8 billion. Gainers outpaced losers 97 to 67, while 41 stocks were unchanged.
Some of the top gainers on Tuesday were Ayala Land, Inc., Philippine Long Distance Telephone Co., Universal Robina Corp., Ayala Corp., Metro Pacific Investments Corp., Metropolitan Bank and Trust Co., GT Capital Holdings Inc., International Container Terminal Services, Inc., BDO Unibank, Inc., Energy Development Corp., and Manila Water Company, Inc.
After a three-day decline, Philippine shares on Monday recovered conservatively despite the absence of any market-moving news. The PSEi gained 8.75 points or 0.14 percent to end at 6,399.99, while the wider all shares index went up 2.60 points or 0.07 percent or to 3,869.32.