The stock market jumped Tuesday as investors welcomed the move of President Rodrigo Duterte to make peace with country’s top tycoons.
The bellwether Philippine Stock Exchange Index advanced 99.58 points, or 1.8 percent, to 5,671.67 on a value turnover of P6.4 billion. Gainers beat losers, 118 to 74, with 38 issues unchanged.
Ayala Corp. and Metro Pacific Investments Corp. led gainers after President Duterte on Monday evening apologized to Metro Pacific chairman Manuel Pangilinan and the Ayala Group.
Share price of Ayala Corp. surged 14.7 percent to close at P560 Metro Pacific soared13.6 percent to P2.85.
“The de-escalation of tension between the government and the water concessionaires sent the local stock market higher by 99.58 points at 5,671.67,” Philstocks Financial Inc.