Stocks jumped for the second day, as a new Pacific-wide free-trade agreement and hopes major central banks will maintain extra-loose monetary policies fired another broad rally in Asia, tracking advances in Europe and New York.
The Philippine Stock Exchange index, the 30-company benchmark, climbed 93 points, or 1.3 percent, to close at 7,055.49 Tuesday.
The heavier index, representing all shares, also advanced 20 points, or 0.5 percent, to settle at 4,031.78, on value turnover of P13.6 billion.
Gainers outnumbered losers, 113 to 67, while 46 issues were unchanged.
Philippine Long Distance Telephone Co. was the biggest gainer among the 20 most active stocks, as it rose 3.7 percent to P2,304.
Port operator International Container Terminal Services Inc. gained 3.5 percent to P77.75, while BDO Unibank Inc., the country’s largest lender, added 2.7 percent to close at P108.90. Property developer Ayala Land Inc. rose 2.6 percent to P35.
First Gen Corp. Series “F” was the most active stock, with a value turnover of P4 billion. It fell 0.5 percent to P110.
Meanwhile, Asian stocks traded higher Tuesday, as analysts said last week’s disappointing US jobs report all but put a nail in the coffin of a Federal Reserve interest rate hike this year.
In Hong Kong, shares in mining giant Glencore added to the previous day’s surge following reports it is in talks to sell its agriculture business as it battles weakening demand for raw materials.
But the main focus was on the Trans-Pacific Partnership, which will see the easing of a number of barriers, including to Japan’s closeted farm sector and the US car market. With AFP