PSEi rises back to 6,700 level
MANILA, Philippines - The Philippine Stock Exchange index (PSEi) snapped a two-day losing streak on Tuesday as it moved back to the 6,700 territory.
The main index closed at 6,711.72 up 1.12%, edging closer to a new record high close as Philippine Long Distance Telephone (PLDT) shares jumped after reporting strong profits.
Meralco rose 2.2%, after announcing it is investing in a liquefied natural gas plant in Singapore which will be operational by December.
The Lopez-owned Energy Development Corp. climbed 2% for the first time since the closure of its BacMan plant.
At the foreign exchange market, the peso ended 6 centavos stronger, closing at P40.72 against the US dollar.
Meanwhile, Asian shares climbed on Tuesday as a globally accommodative monetary stance helped revive risk appetite.
The MSCI's broadest index of Asia-Pacific shares outside Japan was up 1 percent while the MSCI's index of Southeast Asia was 0.4 percent higher.
Telecom firms also led among gainers in the region such as Singapore Telecommunications Ltd and Malaysia's DiGi.Com Bhd. In Bangkok, investors bought Shin Corporation Pcl partly due to a high dividend payout.
Bucking the trend, Indonesia edged down 0.2 percent as investors sold recent gainers such as banks. PT Bank Rakyat Indonesia, which hit a record high on Feb. 28, extended losses for a third session, falling 2.3 percent.
Vietnam's Ho Chi Minh Stock Exchange's VN Index dropped 1.4 percent, adding on Monday's 1.8 percent loss, due to pressure from margin calls and weak buying demand. - With ANC and Reuters