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MANILA – (UPDATED 4:43 p.m.) The Philippine Stock Exchange composite index on Tuesday closed above the 5,300 level for the first time in three weeks on expectations of further stimulus from the world’s two biggest central banks.
At the Philippine Stock Exchange, the benchmark index extended its gains for a third straight session, rising 29.76 points or 0.56 percent to 5,307.66.
Leading the market's ascent was the financials counter, which rallied 1.29 percent.
Advancers beat decliners, 103 to 56, while 36 issues were unchanged. A total of 970.39 million stocks worth P6.04 billion changed.
The benchmark index returned above the 5,300 level as investors anticipated "a favorable reiteration, or better yet action, by both European and US monetary authorities of their readiness to implement new or extend existing stimulus measures to prevent a further deterioration of the global economy," said Jun Calaycay of Accord Capital Equities Corp.
Also lifting the market was anticipation of more positive corporate earnings results, he said.
Overnight, the Dow Jones industrial average lost 2.65 points or 0.02 percent to 13,073.01 after Deutsche Bank downgraded J.P. Morgan, the first for a large bank since its surprise trading loss earlier this year. Without the bank's share price drop, the Dow would have posted gains.
Actively traded stocks were PLDT, Ayala Land, Metrobank, SM Prime and Ayala Corp.
Top gainers were Arthaland, Benguet Corp. and Transpacific Broadband, while the biggest losers were Swift Foods, San Miguel Properties and Vulcan Industrial.
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