Index soars on easing Mid East tensions

MANILA, Philippines — Positive cues from the US markets and easing tensions in the Middle East provided a much needed boost to the stock market yesterday, extending gains to a sixth straight session.

The Philippine Stock Exchange index soared above the 6,700 level, rising by 2.13 percent or 140.89 points to settle at 6,769.64.

The broader All Shares index likewise climbed by 1.45 percent or 50.53 points to close at 3,543.28.

“Philippine shares returned near the 6,800 as month-end window dressing approached and the geopolitical concern continued to wash away,” Luis Limlingan of Regina Capital said.

Claire Alviar of Philstocks Financial, for her part, said the PSEi surged as investors continued to hunt for bargain stocks after the market’s decline in the past few weeks.

“The positive cues from the US markets last Friday and the easing tensions in the Middle East contributed to the market’s gain,” she said.

Alviar said foreign investors also helped lift the market, registering a net inflow of P1.18 billion.

Net market value turnover stood at P4.78 billion.

All sectors were in the green, except for mining and oil which fell by 0.81 percent.

Financials and services led the charge as they advanced by 2.89 percent and 2.30 percent, respectively.

Market breadth was positive as advancers whipped decliners, 120 to 74, while 49 issues were unchanged.

Among the most actively traded stocks were ICTSI (up three percent), BDO (up 4.03 percent), BPI (up 3.20 percent), Ayala Land (up 3.33 percent) and SM Prime (up 1.59 percent).