Stocks soar, peso gains
Stocks soared on Tuesday, with the main index gaining 1.47 percent and the broader market positive.
The Philippine Stock Exchange index rose 111.58 points to end at 7,700.46, a level last seen in October 2016. In the broader market, there were 113 gainers, 73 decliners and 57 steady.
Volume reached 2.67 billion shares valued at P8.31 billion from Monday’s 2.19 billion valued at P5.15 billion. Net foreign buying was P1.452 billion.
Gainers were led by Philodrill up 8.33 percent to P.013 and Zeus Holdings, up 7.44 percent to P.20
Active shares were DMCI Holdings Inc, which rose 3.17 percent to P13 following the Supreme Court’s lifting of a nearly two-year old temporary restraining order which would allow the construction of Torre de Manila to resume.
The peso closed at P49.675 from Monday’s P49.785. Volume at the Philippine Dealing System amounted to $674.8 million from $407 million. D