MANILA, Philippines–The local stock barometer advanced by another triple-digit pace to breach 7,900 on Tuesday as investors regained their buying appetite after the sluggish sentiment in April.
The Philippine Stock Exchange index jumped by 102.77 points, or 1.31 percent, to close at 7,919.21.
All counters were up, led by the industrial, holding firms and property counters, which all gained over 1 percent.
Value turnover amounted to P7.65 billion. There were 113 advancers against 78 decliners, while 46 stocks were unchanged.
SM Prime led the PSEi higher, rising by 4.74 percent.
The Southeast Asian property giant announced announced a 176-percent year-on-year rise in its first-quarter net profit to P12.6 billion.
GTCAP of the Ty family also rose by 3.3 percent, while JG Summit was up by 2 percent.
Investors also loaded up on shares of BDO, PLDT, ALI, SMIC, Megaworld, EDC and Jollibee, which all gained by over 1 percent.
URC, the day’s most actively traded stock, also contributed to the upswing, alongside Metrobank, AC, AGI, AEV, Bloomberry and MPI.
Investors have started to load up on stocks again after the weakness in April, when liquidity was usually tight due because of tax payment deadlines and the long holiday breaks.–Doris Dumlao-Abadilla