MANILA, Philippines—Local stock prices extended their winning streak for a fifth day, taking a cue from a dip in oil prices that inspired an overnight rally in Wall Street.
The main-share Philippine Stock Exchange index added 27.99 points or 0.72 percent to finish on 3,926.86.
All counters gained for the day with the financial, property and mining/oil counters benefiting most from the upswing.
There were 89 advancers versus 51 decliners. Value turnover amounted to P5.5 billion, including about a billion-peso block sale on geothermal power firm EDC.
Overnight, the closely watched Dow Jones Industrial Index added 124.35 points or 1.03 percent to 12,214.38.
European investment bank Credit Agricole CIB said oil prices came slightly off on Tuesday morning as OPEC (Organization of Petroleum Exporting Countries) heavyweights such as Saudi Arabia, Kuwait and UAE started to increase production. It noted that Nigeria was also putting more crude oil onto the market.
“The situation remains very confused in Libya, with heavy fighting for oil terminals,” said the investment bank.
In the local market, trading was within a tight range. The next resistance is seen at 3,950.
Investors snapped up shares of AGI, PLDT, Megaworld, DMCI, EDC, Metrobank, Semirara Mining, Filinvest Land, Ayala Land, Ayala Corp., BPI, Metro Pacific Investments, GMA Holdings PDR, PNB, SM Prime and ICTSI.
On the other hand, there was profit-taking on Aboitiz Power, Aboitiz Equity Ventures, San Miguel Corp. and SM Investments Corp.