Philippine shares rallied nearly 2 percent Tuesday on positive cues from Wall Street and a steadying peso. The 30-company Philippine Stock Exchange index surged 125.44 points, or 1.98 percent, to close at 6,474.60, while the broader all shares index jumped 31.63 points, or 0.89 percent, to 3,593.10.
“The PSEi ended sharply higher, rebounding from yesterday’s decline as buying interest returned to the market,” said Luis Limlingan, Regina Capital Development Corp. head of sales. “Sentiment was supported by the peso holding against the U.S. dollar, which encouraged renewed foreign inflows during today’s session,” he added.
The peso closed at 58.53 per U.S. dollar Tuesday, compared to Monday’s close of 58.46. Wall Street also tipped higher as technology stocks rebounded.
Services outperformed all sectors, rising 4.4 percent. Financials rose 1.43 percent, while holding firms advanced 1.18 percent. Value turnover amounted to P5.9 billion, below the year-to-date average of P6.4 billion, as investors remained cautious. Foreign investors were net buyers with inflows of P1.01 billion.
International Container Terminal Services Inc. shares rebounded to emerge as the top index gainer, rising 6.35 percent to P670. Universal Robina Corp. was the main index laggard, declining 1.47 percent to P73.75.
