MANILA, Philippines (Xinhua) - The stock market made a convincing rally today following the easing of tensions in Ukraine and Iraq.
The bellwether Philippine Stock Exchange index gained 0.78 percent, or 55.17 points, to 7,082.75, while the broader all-share index rose by 0.62 percent, or 25.91 points, to 4,197.63.
Trading volume reached 1.59 billion shares worth P13.26 billion ($303.6 million) with 100 stocks advancing, 81 declining, and 41 unchanged.
All six counters were up.
"The earnings season officially ended last Friday providing mild impetus for investors. As the influence of earnings on prices fades, investors refocus on external events," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.
Calaycay said the easing of tensions in Ukraine and Iraq, as well as the mediation currently in progress between Israel and Palestine spurred investors to re-enter the market.
Oil prices rollback should also ease some pressure off inflation.
"Following a relatively flat July, the month of August has so far gained 2.4 percent excluding Tuesday's gains. Past the earnings season and with external risks dissipating, the balance of the year appears to favor the bulls," Calaycay said.
Stocks in the 30-company index were mostly up. These include heavyweight Philippine Long Distance Telephone Co., Ayala Land, Inc., and Metropolitan Bank and Trust Co.