The local stock barometer firmed up on Tuesday as investors took heart from the upbeat overnight trading on Wall Street.
The Philippine Stock Exchange index (PSEi) recouped 43.24 points, or 0.63 percent, to close at 6,870.41, ending four consecutive days of decline.
“Philippine shares followed the sentiment of their US counterparts after the Dow booked its best day on a percentage basis since March after soaring by 1.76 percent. The S&P 500 (+1.40 percent) likewise had its best day since May,” said Luis Gerardo Limlingan, managing director at local stock brokerage Regina Capital Development.
“The upbeat performance in the local and regional markets came as investors moved on from the US (Federal Reserve) Fed’s earlier comment that interest rate hikes are coming sooner than expected. More Fed speakers are scheduled to talk this week that would put more color on what factors led them to write down a more aggressive policy rate path,” he added.
The industrial and holding firms both climbed over 1 percent, while the services, mining/oil and property counters added less than 1 percent.
Value turnover
Value turnover amounted to P5.22 billion. There was net foreign selling amounting to P101.57 million.
There were 122 advancers that overwhelmed 69 decliners, while 53 stocks were unchanged.
GT Capital gained 3.1 percent, while Jollibee and Aboitiz Power both rose by over 2 percent.
Conglomerates SM Investments and Ayala Corp. both gained over 1 percent, while Ayala Land, SM Prime, PLDT and URC all rose by less than 1 percent.
Notable gainers outside the PSEI included GMA7, which surged by 8.66 percent.
AC Energy and Converge rose by over 1 percent, while newly listed Monde Nissin added 0.55 percent.
On the other hand, ICTSI and JG Summit both slipped by less than 1 percent.
Recent market favorite Ever Gotesco pulled back by 6.12 percent and was the most actively traded company for the day.