Phl stocks rise on Wall St, reg’l gains

MANILA, Philippines - Easing tensions in Ukraine allowed the benchmark index to snap a two-day skid and resume its trek towards the 6,500 mark.

The Philippine Stock Exchange index climbed 0.96 percent or 61.54 points to 6,456.14, its highest since closing at 6,477.30 on Nov. 6, 2013. The broader all shares index added 0.79 percent or 30.46 points to 3,881.48.

“Signs that tensions may have eased in the Eastern European country pushed both US stocks barometer to record levels,” said Justino Calaycay Jr., an analyst at Accord Capital Equities Corp.

Calaycay said investors’ focus shifted from corporate data to the Ukraine crisis.

On Tuesday, Wall Street improved anew after Russian President Vladimir Putin announced that the use of force in Ukraine is a last resort. US had strongly opposed Russia’s military action in Ukraine.

The Dow Jones Industrial average gained 1.41 percent or 227.85 points to 16,395.88, while the broader Standard & Poor’s 500 index rose 1.53 percent or 28.18 points to 1,873.91, a new record high.

Asian markets also cheered the easing tensions, with Japan’s Nikkei 225 improving 1.2 percent or 176.15 points to 14,897.63.

At home, all counters, save for industrial firms that lost 0.1 percent or 10.22 points to 9,765.06, were in the positive territory.

Property firms once again led the winners as it rallied 1.75 percent or 42.60 points to 2,481.97.

More investors participated in the stock market as P12.95 billion worth of shares changed hands from P11.25 billion on Tuesday. Advancers outplayed decliners, 116 to 64, while 33 stocks did not change.