Local share prices posted gains Wednesday amid easing geopolitical tensions abroad.
The Philippine Stock Exchange index closed at 7,452.82, up 1.96 percent or 142.88 points.
The all shares index also finished higher by 1.82 percent or 70.34 points to settle at 3,930.54.
“Philippine shares broke from the slump after Russia appeared to be backing away from an immediate invasion of Ukraine, cooling geopolitical tensions that have knocked the stock market down the previous days,” Luis Limlingan, managing director at Regina Capital Development Corp., said.
All counters were in green, with the property sector posting the biggest leap with a 3.99 percent increase.
Value turnover stood at P9.53 billion, with advancers beating decliners, 123 to 63.
The currency opened at 51.319 and hit a high of 51.34 and a low of 51.27. Total volume amounted to $596.1 million DoubleDragon Corp. led advancers with a 10.81 percent gain, while Kepwealth Property Phils. Inc. posted the sharpest decline for the day with an 11.59 percent contraction.
The peso closed at 51.285 to the dollar down from 51.382 on Tuesday.
According to a Reuters report, South Korea and Philippine shares led gains among Asian shares on Wednesday as it also cited easing geopolitical tensions between Russia and Ukraine which lifted sentiment for riskier assets.
“Asian currencies were largely mixed, though the South Korean won firmed slightly.
Philippine shares jumped as much as 1.6 percent in their best session in two weeks, while South Korea’s KOSPI and the Taiwanese benchmark each gained more than 1.5 percent,” the report said.