MANILA, Philippines - Local share prices improved for the second straight day yesterday, boosted largely by a string of positive international news.
The Philippine Stock Exchange index (PSEi) gained 0.39 percent or 28.32 points to close at 7,232.87 while the all shares index increased 0.38 percent or 15.93 points to 4,253.60.
“The overall bullishness in the international market, especially with the S&P 500 and Dow’s consecutive rally, helped pulled the local market up,” said Alex Tiu, analyst at AB Capital Securities Inc.
The S&P 500 finished at 2.039.68 and the Dow ended at 17,614.90, gaining 0.07 and 0.01 percent, respectively.
Tiu said Wall Street’s overnight rally was further coupled with the good news that Japan will delay its planned tax hike.
“One of the fears before is that this tax hike could put Japan’s economy into recession. As we all know, Japan is one of our biggest trading partners so this new on the tax delay is also good news for us,” he said.
Property firms led the gainers, rising 1.01 percent or 28.79 points while holding firms dropped 0.23 percent or 14.66 points.
Market breadth remained sour as decliners edged out advancers, 90 to 85, while 41 stocks were unchanged. Value turnover went down to P8.12 billion from P12.39 billion the previous day.