Stocks continue to gain

Most local stocks gained for a third session Tuesday, riding on an upbeat global sentiment fueled by reports about better-than-expected US retail sales and Citigroup earnings.

The main-share Philippine Stock Exchange index added 16.72 points or 0.31 percent to close at 5,399.94. The index breached 5,400 in intra-day trade, hitting a high of 5,406.02, before closing.

Power firms led the main index higher and many second liners also gained in heavy trading.

Regional markets were mostly upbeat, tracking overnight gains in Wall Street. The Dow Jones industrial index surged 95.38 points or 0.72 percent to 13,424.23 on reports that American retail sales expanded for the third straight month in September while earnings of Citigroup beat expectations.

After the day’s boost, however, Metrobank said in its daily commentary that the market might trade sideways “as investors are on a ’wait and see’ stance ahead of the China third-quarter GDP (gross domestic product) report to be released later in the week.” Doris C. Dumlao