The local stock barometer rallied back to the 7,000 mark yesterday, riding on the upswing across emerging markets despite sluggish factory data in China.
The Philippine Stock Exchange index (PSEi) rose by 133.53 points or 1.93 percent to close at 7,060.60.
Across the region, stock markets were mostly higher as investors expect the Chinese economy to stabilize even if the latest factory data turned out disappointing.
At the local market, the gains were led by services and property, which both surged more than 2 percent. The financial and holding firm counters also gained more than 1 percent.
Value turnover for the day amounted to P9.99 billion. There were 104 advancers, 68 decliners and 42 unchanged stocks.
PLDT, BDO and Megaworld led the PSEi higher, all rising more than 4 percent, while SM Prime, AC and JG Summit all gained more than 3 percent.
ALI, Jollibee, Emperador and AEV rose by more than 2 percent while GTCAP, Globe and SMIC were up more than 1 percent.
Emperador announced a deal to acquire the Spanish brandy and sherry assets of Beam Suntory Inc. The deal includes four brands: Fundador, the best-selling premium imported brandy in the Philippines; Harveys, the top-selling sherry in the UK; Terry Centenario, Spain’s best-selling brandy, and Tres Cepas, the leading brandy in Equatorial Guinea.