The local stock barometer rallied back to the 7,400 level Wednesday as rising commodity prices and a favorable outlook on the US economy boosted risk-taking across emerging markets.
The main-share Philippine Stock Exchange index (PSEi) racked up 107.23 points or 1.46 percent to close at 7,463.95.
The index ended higher for the third straight session, initially bouncing from last week’s bloodbath but now driven higher by improved risk appetite across the region. More investors now expect that the US economy was strong enough to hurdle any impending interest rate increase by June or July. This optimism was fueled by upbeat US home sales data in April, which hit the highest level in more than eight years.
There were 112 advancers that edged out 84 decliners while 39 stocks were unchanged. Value turnover for the day amounted to P7.65 billion.
The property counter led the PSEi higher, rising by 2.33 percent, while the financial and holding firm counters all rose more than 1 percent. The industrial and services counters also gained modestly.
Only the mining/oil counter ended lower (-0.95 percent) for the period.
Property stocks Ayala Land (+3.91 percent) and Megaworld (+3.08 percent) led the PSEi higher. Metro Pacific Investments and GT Capital also gained more than 2 percent each. Doris Dumlao-Abadilla