Share prices ended up Tuesday tracking overseas leads.
The Philippine Stock Exchange index was up 53.12 points to 6,867.88, a 0.78 percent hike.
The broader all shares index was up 40.50 points to 4,144.17, a 0.99 percent hike.
Gainers edged losers 157 to 68 with 43 stocks unchanged. Trading turnover reached P10.66 billion.
The peso closed at 48.053 to the dollar, up from 48.065 on Monday. The currency opened at 48.07, an intraday low and hit a high of 48.05. Trading turnover reached $597.7 million.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market tracked Wall Street as it “appeared to have shaken off concerns about a speculative retail trading mania that largely drove the market’s worst weekly sell-off since October.”
Reuters reported Asian stocks went up as signs of progress in US stimulus talks boosted Wall Street overnight, while Indian stocks posted strong gains for a second session after the unveiling of a high-spending 2021/22 budget.
Equities in South Korea and Taiwan were driven higher by heavyweight chip makers and other electronics manufacturers after US tech stocks rallied overnight. The won and Taiwan dollar rose 0.2 percent and 1.5 percent, respectively.
US President Joe Biden advanced talks with Republican senators overnight to further his $1.9 trillion COVID-19 relief plan, which the White House said was “productive”.
“We are tracking an improvement in risk sentiment headed into the Tuesday session,” said Jingyi Pan, market strategist at IG, adding that aside from US stimulus progress, the upcoming earnings season in Asia would be the next focus for investors.
Most actively traded Abacore Capital Holdings Inc., was down P0.16 to P1.19. Dito CME Holdings Corp. was up P1.16 to P13.66. AC Energy Philippine Corp. was up P0.92 to P7.60.
Apollo Global Capital Inc. was down P0.017 to P0.20. Premier Horizon Alliance Corp. was up P0.02 to P2.34. PLDT Inc. was up P18 to P1,424. Basic Energy Corp. was steady at P1.10.
SM Prime Holdings Inc. was down P0.55 to P37. BDO Unibank Inc. was up P1.30 to P105.30.