PH stock index climbs back on reports of improved US economic data

MANILA, Philippines—Local stocks regained ground on Wednesday after a two-day decline as improved US economic data boosted regional markets.

The main-share Philippine Stock Exchange index added 63.93 points or 0.94 percent to close at 6,850.26.

All counters firmed up while 111 advancers overwhelmed 51 decliners.

Value turnover swelled to P49.047 billion as tycoon Lucio Tan-led conglomerate LTG Inc. raised $920 million from a landmark equity offering that was priced at the high end of the range at P20.50 per share.

The day’s biggest index gainers were Belle (+7.26 percent), Meralco (+4.64 percent), MPI (+3.19 percent), AGI (+2.26 percent) and BDO (+2.03 percent).

Metrobank, Bloomberry, Megaworld, AP and ICTSI also contributed to the day’s gains.

Outside of PSEi, LTG shares surged by 11.11 percent to a close at new high P23 after a landmark follow-on offering.

On the other hand, the day’s index laggers were RLC (-1.96 percent), FGEN (-0.63 percent), ALI (-0.33 percent) and Petron (-0.26 percent).