Index soars 51 points to close at 3,018.67

MANILA, Philippines - The stock market rallied for the sixth straight day yesterday after the US market posted its biggest one-day gain in three months.

The Philippine stock index rose by 1.72 percent or 50.96 points to 3,018.67.

The Dow Jones Industrials soared almost 170 points Tuesday on upbeat earnings report and corporate deals.

The S&P index also added 19 points, while the NASDAQ composite gained 30 points.

On the local front, gainers beat losers 68 to 45, while 57 stocks were unchanged. A total of 1.58 billion stocks worth P3.55 billion were traded.

Property stocks went up by 2.37 percent or 23.68 points to 1,022.25, while holding firms increased by 2.26 percent or 37.72 points to 1,709.95.

Services also inched up by 1.45 percent or 21.39 points to 1498.82, while mining and oil stocks added 1.37 percent or 136.35 points to 1,0067.09.

Industrial shares likewise rose by 1.3 percent or 59.13 points to 4,617.49, while financial companies advanced by 1.14 percent or 7.08 points to close at 629.12.

Leading the day’s gainers was online gaming company IPE-Game Ventures, Inc., which gained half to P75. The online gaming unit of IPVG Corp. listed its shares by introduction yesterday. Its parent posted the day’s biggest loss of 15.29 percent to P2.16.

Ayala-led mobile network Globe Telecom, which lost P50 in Tuesday’s trade, recovered P20 to finish at P965.

Meanwhile, oil prices spiked above $77 a barrel Tuesday as the US dollar weakened and the stock market climbed on upbeat economic news.

Benchmark crude for March delivery rose $2.88 to settle at $77.01 a barrel on the New York Mercantile Exchange, after hitting a day high of $77.28. In London, Brent crude was up $3.17 to settle at $75.68 on the ICE futures exchange.

A report on manufacturing in the New York area was stronger than expected. The Empire State manufacturing index rose to 24.91 this month, compared with a forecast of 18, according to economists polled by Thomson Reuters. The index was 15.92 last month. — AP