MANILA, Philippines–Local stocks advanced for the third day in a row on Monday, allowing the main index to breach 6,600, as global markets reassessed earlier expectations on the US Federal Reserve’s tapering of an aggressive asset buyback program.
The main-share Philippine Stock Exchange index gained 45.74 points or 0.7 percent to close at 6,619.95, likewise boosted by optimism over the forthcoming second quarter local corporate earnings reporting season.
Investor sentiment was also aided by mostly firmer regional market, in turn due to China’s meeting of second quarter growth expectations and recent moves to liberalize investment quotas for qualified foreign institutional investors.
The day’s upswing was led by the holding firm, mining/oil and property counters which all gained by over 1 percent. Only the financial index declined for the day.
Value turnover for the day amounted to P6.87 billion. There were 86 advancers that edged out 65 decliners.