Aug 302013

MANILA, Philippines – The Philippine Stok Exchange (PSE) index rallied for the second straight day yesterday, rising 2.20 percent or 130.96 points to 6,075.17.

“Equity investors found more reason to stay optimistic after US economic numbers showed the worst may be over,” said Justino Calaycay Jr., an analyst at Accord Capital Equities Corp.

“European shares snapped three consecutive days of losses as the UK Parliament rejected a proposed military involvement in Syria,” Calaycay said.

Geopolitical tension in Syria, particularly the potential US-led military strike, has been hounding stock markets in the past few days.

Wall Street advanced anew as easing tensions was coupled with a surprising 2.5-percent second quarter gross domestic product growth in the US.

The Dow Jones industrial average gained 0.1 percent or 16.44 points to 14,840.95, while the broader Standard & Poor’s 500 index rose 0.2 percent or 3.21 points to 1,638.17.

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Locally, all counters were in the green, led by property firms that rose 2.81 percent or 63.39 points to 2,319.44.

“The PSEi started off with a 40-point gain and except for a momentary slide took a decidedly positive heading, breaking into the 6,000-line going into the final hour of morning trades,” Calaycay said.

Turnover value spiked to P14.43 billion from P9.69 billion on Thursday. There were two advancers for every decliner.

SM Investments Corp. (+1.36 percent) remained as the top traded company, followed by Ayala Land Inc. (+3.31 percent) and PLDT (+2.79 percent).

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