Philippine shares up after US avoids default

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Regional markets including the Philippines rallied after the US Congress finally voted to end the 16-day government shutdown and raised the debt ceiling.

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The Philippine Stock Exchange index (PSEi) went up for the second straight day, rising 1.19 percent, or 77.31 points to 6,560.88, while the broader all-shares index gained 0.86 percent, or 33.68 points to 3,957.20.

Elizabeth Abadillo, analyst at Angping and Associates Securities Inc., said in a text message that the market went up after US Congress passed a debt deal, which is basically the reason why Wall Street and Asian stocks are also up. According to Abadillo, the optimism in the market will most likely stay until today.

Also, all the local sectoral indices managed to register significant improvements with mining and oil posting the largest increase, advancing by 1.79 percent, or 224.81 points to 12,770.81.

Property, on the other hand, climbed by 1.44 percent, or 36.91 points to 2,597.27, followed by holding firms, which went up by 1.40 percent, or 82.39 points to 5,961.60.

Financials also improved, gaining 0.82 percent, or 13.26 points to 1,626.51, while services gathered an additional 8.57 points, or 0.43 percent to end at 1,996.99. Industrial was positively flat at 0.40 percent, or 37.15 points to 9,354.74.

Meanwhile, value turnover stood higher at P8.2 billion with bulls dominating bears, 96 to 57.

Some of the top gainers on Thursday were San Miguel Corp., Semirara Mining Corp., Metro Pacific Investments Corp., Asian Terminals Inc., Starmalls Inc., Alliance Global Group Inc., Emperador Inc., Robinsons Land Corp. and GT Capital Holdings Inc.

Stock investors on Tuesday managed to remain optimistic toward local equities even as the deadline for setting a higher US debt ceiling neared. The PSEi resumed trading on Wednesday with a 0.63-percent gain toward the end of the session, or 40.87 points to 6,483.57, while the broader all-shares index inched up by 0.48 percent, or 18.71 points to 3,923.52. On Tuesday, the market took a break in observance of the Islamic Feast of Sacrifice.

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