The stock market rose Wednesday on select buying on blue chips, ignoring the losses in Wall Street and Europe overnight.
The Philippine Stock Exchange Index rose 99.19 points, or 1.3 percent, to 7,500.79 on a value turnover of P8.2 billion. Gainers beat losers, 104 to 73, with 56 issues unchanged.
Philippine Long Distance Telephone Co., the biggest telecommunications company, increased 2.4 percent to P1,945, while Ayala Land Inc. gained 2.8 percent to P36.70.
Manila Electric Co., the largest retailer of electricity, advanced 3.8 percent to P315, while International Container Terminal Services Inc. climbed 3.4 percent to P58.45.
The rest of Asian stocks moved cautiously Wednesday following losses in Wall Street and in Europe, while Tokyo dropped sharply as the yen strengthened on news of a delayed tax rise.
Traders were generally wary even though official data showed activity in Chinese factories expanded in May for the third straight month.
Global equity markets pulled back overnight as investors awaited a May US jobs report and the outcome of a European Central Bank meeting.
Tokyo stocks dropped 1.6 percent, snapping a five-day winning streak, as the yen surged on news that Japan’s prime minister would delay a sales tax rise that threatened the nation’s fragile economy.
Shanghai closed down 0.1 percent after surging on Tuesday while Hong Kong had lost 0.4 percent in the afternoon.
Investors also weighed a batch of mostly encouraging US data for further hints of when to expect an interest rate rise, after Fed Chair Janet Yellen said last week an increase could be justified “in the coming months.” With AFP
