MANILA, Philippines—The local stock exchange index rallied by 1.08 percent on Tuesday as investors gobbled shares of blue-chip companies given optimism on the stream of upbeat first quarter corporate results.
Rebounding for the second straight day from last week’s selldown, the main-share Philippine Stock Exchange index went up by 45.98 points or 1.08 percent to 4,303.13 on follow-through buying momentum led by blue chips.
PLDT, ICTSI, URC, DMCI and Philex were the most actively traded index stocks that gained. SM Investments, banking blue chips BDO, Metrobank and BPI, Lepanto B, EDC, First Gen, AGI and Aboitiz Power also benefited from the upswing.
San Miguel Corp. and Lepanto A (open only to local investors) fell on profit-taking. Jollibee was also in the red.
A good stream of first-quarter corporate results alongside overnight buoyant trading on Wall Street provided a favorable backdrop to Tuesday’s trading, allowing the main index to breach a key resistance at 4,300.
Turnover amounted to P5.1 billion. There were 100 advancers as against 43 decliners while 36 stocks were unchanged.