Index climbs ahead of inflation data

MANILA, Philippines -  Share prices climbed yesterday ahead of the release of the latest inflation numbers on Friday.

The benchmark Philippine Stock Exchange index (PSEi), gained 42.09 points, or 0.54 percent, to finish at 7,703.10 while the broader All Shares index rose 25.37 points, or 0.55 percent, to end at 4,604.57.

The rest of the counters ended in positive territory except for the mining and oil index as mining investors are on a wait-and-see stance as controversial Environment Secretary Gina Lopez faced the Commission on Appointments once more.

The mining industry has been lobbying against the confirmation of Lopez after she shut down at least 20 mines. She also ordered a ban on prospective open pit mining.

Advancing stocks outnumbered decliners, 119 to 84 while 39 issues were left unchanged.

Meanwhile, Asian shares rose to near two-year highs on Tuesday as growing optimism over tech industry earnings and easing concerns over North Korea offset softer-than-expected factory readings in China and the United States.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.5 percent to its highest level since June 2015, as many of the region’s markets reopened after a long holiday weekend. Japan’s Nikkei rose 0.7 percent.