PSEI trades above 7,200 for first time in 14 months

by Warren de Guzman, ANC

Posted at Sep 03 2014 09:47 PM | Updated as of Sep 04 2014 05:47 AM

MANILA, Philippines - Philippine shares rode a region-wide rally to another 14-month high, as investors reacted to strong growth in China services and US manufacturing.

Hong Kong's Hang Seng outperformed, leading gains in Japan, Singapore, Indonesia and Thailand.

The Philippine composite index rose 1.4 percent to 7,206.02, the first time it closed above 7,200 since May 2013.

Index heavyweights PLDT, Ayala Land and SM Investments pushed the benchmark higher, but Universal Robina was the biggest gainer among the 30 PSEI members.

The Gokongwei-led snack manufacturer surged, after Deutsche Bank and Malaysia's CIMB recommended the stock to their clients.

Universal Robina was the third top traded stock by value.

Also surging, Nickel Asia, which usually does well following good economic news out of China its main market for nickel ore.

The stock gained over five percent, showing no ill-effects from Senator Bam Aquino's proposed bill to ban ore exports.

Aquino's bill mimics an ore ban in Indonesia that has limited Nickel Asia's main competitors in the region, boosting the Filipino company's sales and profit in the first half.