PH stock market recovers, up 2.89%

Philippine stocks saw a strong comeback Tuesday, mirroring positive sentiments across the region, as investors bet the influential United States Federal Reserve would hold off from hiking key interest rates this year.

The benchmark Philippine Stock Exchange Index (PSEi) jumped 2.89 percent, or 212.94 points, to 7,571.15 on Tuesday. The broader all-shares index was also up 2.12 percent, or 92.81 points, to 4,460.38.

All sub-indices closed positive Tuesday. Gainers were led by property companies, which stand to benefit from a continued low interest rate regime. This subindex increased 3.92 percent. It was followed by holding firms, up 3.35 percent. Services also rose 2.23 percent.

Investors were weighing mixed economic data in the US, and its potential impact on a decision on interest rates. Asian stocks also ended higher Tuesday.

On Tuesday, a total of 1.35 billion shares valued at P8.35 billion changed hands. Data from the PSE showed that 123 companies rose, against 68 decliners and 35 unchanged.

Ayala Land was the most actively traded on Tuesday, as it rose 2.9 percent to P37.25 per share.

This was followed by Universal Robina Corp., up 0.34 percent to P176.10, BDO Unibank Inc., up 2.33 percent to P110, SM Investments Corp., up 4.06 percent to P692, and SM Prime Holdings Inc., up 6.51 percent to P27.80 per share.

Other actively traded firms were Metropolitan Bank and Trust Co., up 2.6 percent to P85, and PLDT Inc., up 2.82 percent.