MANILA, Philippines - The recovery in regional and global markets rubbed off on local equities, with the main index climbing for the second straight day.
The Philippine Stock Exchange index gained 1.04 percent or 66.56 points to 6,466.55, while the broader all shares index rose 0.92 percent or 35.76 points to 3,905.08.
“We had a follow through today after snapping the three-day decline on Monday,†Nisha S. Alicer, research strategist at DA Market Securities, said in a text message.
Alicer said the local boursed improved also because of the US market’s rally and positive economic outlook of World Bank.
Easing tensions in Ukraine drove overseas markets higher yesterday while some investors remained at the sidelines pending the policy meeting of the US Federal Reserve.
Wall Street ended in the green following a violence-free referendum in Crimea despite opposition from the Ukraine government and other countries.
The Dow Jones industrial average added 1.13 percent or 181.55 points to 16,247.22, while the broader Standard & Poor’s 500 index improved 0.96 percent or 17.7 points to 1,858.83.
Regional stocks also posted gains, led by Japan’s Nikkei 225 that jumped 0.94 percent or 133.60 points to 14,411.27.
At home, all counters were in the green, paced by the property sector that closed 1.43 percent higher or 34.53 points to 2,442.85. Mining and oil rose 1.17 percent or 166.89 points to 14,392.98.
The value of shares traded picked up to P7.82 billion from P7.27 billion on Monday.
Advancers outpaced decliners, 97 to 67, while 41 stocks did not change.