Philippines shares gain anew, track upswing in US markets

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Local shares sustained its recovery, tracking the upswing in US markets.

The Philippine Stock Exchange index surged by 1.25 percent or 85.92 points to settle at 6,965.51 yesterday, its second consecutive day in the winning column.

The broader All Shares index also finished strong, rising by 0.95 percent or 33.89 points at 3,614.20.

Claire Alviar of Philstocks Financial said the local bourse mirrored the performance of the US markets overnight.

'Investor sentiment was boosted by the latest US inflation print which came in within expectation, raising hopes that the Federal Reserve would soon decide to ease monetary policy,' she said.

'At home, the anticipation of interest rate cuts by the Federal Reserve this year added to optimism, as the Bangko Sentral ng Pilipinas may likely follow suit. But of course, the inflation rate in the country would have a more significant influence on the BSP's decision,' Alviar added.

Luis Limlingan of Regina Capital said investors continued to bargain hunt ahead of the upcoming FTSE rebalancing this Friday.

Net market value turnover improved to P5.85 billion from the previous day's P5.01 billion.

All sectors were in the green, led by property with a 2.03-percent jump and financials with an increase of 1.74 percent.

Market breadth was positive as advancers hammered decliners, 119 to 71, while 52 issues were unchanged.

Property Ayala Land was at the forefront among index members with a 4.33 percent increase, while Wilcon had the biggest drop of 4.76 percent.

Among the most actively traded stocks were ICTSI (up 2.27 percent), BDO (up 2.33 percent), BPI (up 1.61 percent), PLDT (down 0.71 percent) and SM Investments (up 0.92 percent).