Stocks advanced for a third day, sending the benchmark index above the 7,900-point level for the first time in 15 months, amid waning fears over Britain’s European Union exit vote.
The Philippine Stock Exchange index, the 30-company benchmark, gained 72 points, or 0.9 percent, to close at 7,937.95 Tuesday, the highest since it settled at 7,946.89 on April 17, 2015. The bellwether achieved a peak of 8,127.48 on April 10, 2015.
The heavier index, representing all shares, also rose 38 points, or 0.8 percent, to finish at 4,795.85, on a value turnover of P10 billion. Advancers outnumbered losers, 111 to 81, while 61 issues were unchanged.
Thirteen of the 20 most active stocks ended in the green, led by oil refiner Petron Corp. which climbed 6.3 percent to P10.74 and developer SM Prime Holdings Inc. which rose 4.1 percent to P29.45. Metropolitan Bank & Trust Co., the second largest lender, added 3.4 percent to close at P93.90.
Meanwhile, Tokyo stocks soared again Tuesday to lead another Asia-wide markets rally fueled by hopes of fresh central bank stimulus and following last week’s blockbuster US jobs report.
The gains extended a global advance that saw the S&P 500 on Wall Street close at a record high for the first time in 14 months.
They also suggest investor fears over Britain’s shock European Union exit vote last month have been allayed by promises of central bank help.
The Nikkei index ended up 2.5 percent, adding to the 4-percent surge clocked up Monday as the yen retreated against the dollar following a huge win for Japanese Prime Minister Shinzo Abe’s coalition in weekend elections. with AFP, Bloomberg