Stocks rose for the third day, sending the benchmark index above the 7,600-point level for the first time, as most Asian equities climbed on hopes Greece’s new government will be able to negotiate a bailout deal with the European Union and International Monetary Fund.
The Philippine Stock Exchange index, the 30-company benchmark, gained 43 points, or 0.6 percent, to close at 7,630.57 Tuesday. It was up 5.5 percent since the start of the year.
The heavier index, representing all shares, also advanced 18 points, or 0.4 percent, to settle at 4,440.66 on a value turnover of P8.6 billion. Gainers edged losers, 96 to 93, while 39 issues closed unchanged.
Restaurant operator Max’s Group Inc. jumped 10.7 percent to P30.45 to become the biggest gainer among the 20 most active stocks. Aboitiz Power Corp. climbed 5.1 percent to P45.
First Gen Corp. added 4.2 percent to close at P29.80 while power distributor Manila Electric Co. gained 3.2 percent to P279. Metropolitan Bank & Trust Co. rose 3 percent to P98.
Meanwhile, Asian stocks also rose as regional dealers were given a lift from advances in Europe and New York, where news of Sunday’s Greek election win for anti-austerity party Syriza had been largely factored in, analysts said.
Tokyo stocks closed 1.72 percent higher Tuesday thanks to a weak yen, and after US and European markets rose on hopes Greece’s new anti-austerity government will thrash out a fresh bailout deal with its international creditors.
The Nikkei 225 index at the Tokyo Stock Exchange rose 299.78 points to 17,768.30, while the Topix index of all first-section shares added 1.73 percent, or 24.30 points, to end at 1,426.38.
Sydney added 0.82 percent, or 45.38 points, to close at 5,547.2 and Seoul rose 0.86 percent, or 16.72 points, to close at 1,952.40. But in late trade Hong Kong was 0.42 percent lower and Shanghai gave up 0.72 percent. With AFP