PHILIPPINE shares soared in early trading Tuesday on continued optimism about the Philippine economy and the primary election results in France.
“All economic factors for a growing economy and optimism about the country, in terms of confidence are in place. The stock market is a barometer, and the technical is showing good signals,” Summit Securities Inc. President Harry Liu said.
The benchmark Philippine Stock Exchange index (PSEi) rose by 1.42 percent or 107.50 points to 7,696.38 by the noon recess.
All indices were in the green, led by Holding Firms which rose by 1.91 percent or 146.76 to 7,836.81.
Juanis Barredo, COL Financial sales vice president, noted the rally was due to “the primary election results in France which also lifted the US and European markets significantly. This in turn buoyed our market after showing some defensiveness in the last few days.”
Over the weekend, the International Monetary Fund (IMF) affirmed its positive outlook on the Philippine economy, saying it is capable of growing by around 7 percent over the next two years on the back of robust domestic demand and strong exports recovery.