MANILA, Philippines – Hefty recoveries in global and regional markets spread to the local bourse yesterday, allowing the main index to rally for the second straight day en route to returning to the 6,300 level.
The Philippine Stock Exchange index climbed 3.42 percent or 209.06 points to end at 6,328, while the broader All Shares index jumped 3.14 percent or 117.94 points to 3,877.61.
Justino Calaycay Jr., an analyst at Accord Capital Equities Corp., said investors kept an eye on overseas development amid lack of market-moving news locally.
“With share prices in Europe posting decent gains and US stocks extending a triple-digit advance to day two, local counters joined its regional peers in the green,” Calaycay said.
On Wednesday, Wall St. rose for the second straight day on the back of a downward adjustment in US first quarter economic growth, which might prompt the Federal Reserve to keep its stimulus program longer.
The Dow Jones industrial average picked up one percent or 149.83 points to 14,910.14 while the broader Standard & Poor’s 500 index gained one percent or 15.23 points to 1,603.26.
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In regional markets, Japan’s Nikkei 225 added 2.96 percent or 379.54 points to 13,213.55 while Hong Kong’s Hang Seng index inched up 0.52 percent or 104.80 points to 20,443.35 on easing worries over the credit crunch in China.
Locally, all counters were in positive territory, led by holding firms that rallied 4.15 percent or 225.81 points to 5,669.50.