Phl stocks surge on Wall St rally

MANILA, Philippines - Another overnight Wall Street rally behind the US Federal Reserve’s pledge to be patient in hiking rates catapulted the local benchmark index into the positive territory for the second consecutive session yesterday.

The Philippine Stock Exchange index (PSEi) climbed 1.37 percent or 96.35 points to close at 7,125.63 while the broader All Shares index grew 1.09 percent or 45.25 points at 4,195.81.

Joyce Ramos, equity analyst at AB Capital Securities Inc., said the local market took its cue from its regional counterparts as they likewise celebrated from the Fed’s stance to be patient in raising rates.

All three indexes in Wall Street gained more than 2.20 percent, with the Dow leading the charge as it picked up 2.24 percent or 421.28 points.

Aside from international influence, Ramos said the stock  market’s rise also came on the back of bargain hunting following successive days of sharp declines.

All counters locally ended in the green, led by financial firms which increased 1.79 percent. Industrial and holding firms likewise posted substantial gains, climbing 1.61 percent and 1.30 percent, respectively.

Advancers outnumbered decliners, 119 to 62, while 46 issues were unchanged.

Value turnover ballooned to P20.61 billion  from P10.91 billion the previous day as 1.56 billion shares changed hands.