Rising for the fifth straight session, the Philippine Stock Exchange index added 63.78 points or 1.06 percent to close at 6,106.03.
All counters advanced, led by the holding firm, services and property counters, which all gained by over 1 percent.
Value turnover for the day amounted to P6.83 billion. There were 100 advancers that overwhelmed 48 decliners while 50 stocks were unchanged.
COL Financial head of research April Lee-Tan said that for the past five days, the local market had been tracking the recovery in US and regional markets. She said this upswing was thus more driven by overseas sentiment rather than any aggressive positioning for fourth quarter earnings results.
Investors snapped up shares of SMPH (+3.78 percent) as well as BDO, AC, Megaworld, URC, Metrobank and ICTSI. BPI, SMIC, AP, PLDT, ALI, AGI, JG, DMCI, Semirara and RLC also added to the day’s gains.
Across the region, stock markets were mostly higher ahead of Yellen’s first testimony as the new US Fed chair. She was set to speak before a US House of Representatives committee on the state of the economy and the course of monetary policy.