Investors cheer China relief package

MANILA  —The benchmark Philippine Stock Exchange Index (PSEi) climbed on Tuesday alongside Asian markets amid reports China is readying a rescue package to stabilize its stock market.

By the closing bell, the PSEi rose 0.58 percent, or 38.41 points, to 6,621.88 while the broader All Shares Index was up 0.39 percent, or 13.74 points, to 3,493.56.

Wall Street continued to rally as the S&P 500 traded near record highs while Asian stocks advanced. Bloomberg reported that China is preparing a rescue package worth about $278 billion to support the market.

READ: Chinese shares lead gains in Asia on report of market rescue plan

Meanwhile, PSE data showed 775.6 million shares valued at P4.76 billion changing hands while foreigners were net sellers to the tune of P421.62 million.

All subsectors closed higher with gains led by property (+1.09 percent) and financials (+1.05 percent).

BDO Unibank, the most actively traded stock, added 1 percent to P142 per share.

READ: Wall Street smashes records ahead of heavy corporate earnings

It was followed by International Container Terminal Services Inc., up 1 percent to P243.40; GT Capital Holdings Inc., down 0.16 percent to P641; Ayala Land Inc., up 2.85 percent to P34.30; and Metropolitan Bank & Trust Co., up 1.93 percent to P58 per share.

SM Investments Corp. was up 0.79 percent to P890; SM Prime Holdings Inc., up 0.15 percent to P33.05; Universal Robina Corp., down 0.97 percent to P112.40; Monde Nissin Corp., up 3.01 percent to P8.55 and Bank of the Philippine Islands, up 1.03 percent to P107.60 per share.

Overall, there were 100 advancers against 88 losers while 49 companies closed unchanged. INQ