Index rallies on strong reg’l markets

MANILA, Philippines — The benchmark Philippine Stock Exchange index snapped out of Monday’s jitters, rallying by 102.54 points to finish at 6,207.72, while the broader All Shares index gained by 48.31 points or 1.34 percent to finish at 3,645.17.

The other gauges rallied as well with the financials, holding firms and services among the big gainers.

Traders said the market rallied along with Asian stock markets.

“The local market rallied together with its regional peers amid the positive cues from Wall Street and China’s higher –than–expected official manufacturing Purchasing Manager’s Index at 50.9,” Philstocks Financials said in a comment.

On Tuesday, China reported that its manufacturing activities expanded in June with the official Purchasing Manager’s Index coming in at 50.9. A reading above 50 indicates expansion while below 50 points to contraction.

“The local market bounced back to positive territory on quarter end window dressing. Net foreign selling, however, continued to prevail for the 12th straight session while value turnover continued to P6.1 billion,” AB Capital Securities added.

The market’s total value turnover reached P6.465 billion. Market breadth was negative with 118 gainers and 70 losers, while 54 issues were left unchanged.

Meanwhile, Asian shares advanced on Tuesday as positive economic data from China and the United States helped to close out a strong quarter, though a renewed surge in global coronavirus cases underlined a challenging investment climate.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.51 percent, on course for its highest quarterly gain in nearly 11 years.