MANILA, Philippines - Positive leads overseas and robust earnings of local companies carried the main index to its highest closing in more than three weeks.
The Philippine Stock Exchange index rose 0.89 percent or 54.16 points to 6,167.82, its best closing since 6,191.50 on Jan. 24. The broader all shares index improved 0.76 percent or 28.05 points to 3,733.61.
“Favorable lending numbers from China added fodder to the Dow Jones’ 126-point Valentine Day surge, carrying the momentum of last week’s 1.71-percent advance into the first session for this week,†said Justino Calaycay Jr., an analyst at Accord Capital Equities Corp.
“Early earnings reports by domestic firms fall in line with expectations,†Calaycay said.
On Friday, Wall Street picked up anew as investors ignored weak economic data. The Dow Jones industrial average added 0.79 percent or 126.80 points to 16,154.39, while the broader Standard & Poor’s 500 index gained 0.48 percent or 8.80 points to 1,838.63.
Asian stocks, for their part, were buoyed by easing worries on emerging markets and high loan disbursement in world’s second largest economy China. Japan’s Nikkei 225 climbed 0.56 percent or 80.08 points to 14,393.11.
At home, all counters were in the green, led by mining and oil that rallied 1.85 percent or 254.68 points to 14,021.23.
Investor participation improved to P6.59 billion from P4.93 billion on Friday. Advancers outpaced decliners, 97 to 54, while 46 stocks did not change.