MANILA, Philippines - Local stocks edged up for a third straight session on Wednesday, tracking gains in the regional markets as investors took heart on better-than-expected earnings of 2 major American retailers.
On Tuesday, Wall Street rose as Wal-Mart and Home Depot beat earnings estimates, reviving hopes that recovery in the world's biggest economy will be sustained.
The main index of the Philippine Stock Exchange rose 0.9% to 3,534.80.
The broader all-share index added 0.8% at 2,230.26.
Gainers paced losers 85 to 46, 37 while stocks ended unchanged.
A total of 1.3 billion shares valued at P4.6 billion changed hands.
Metrobank was the most actively traded stock by value, rising by 1.6% to P62.90.
Another financial firm that enjoyed brisk trading was Philippine National Bank which surged to a 31-month high of P45.15, before settling 2.6% higher at P45 a piece. Traders said buying in PNB was spurred by a confirmation that its merger with Allied Bank will be finalized this year.
Conglomerate Alliance Global traded at a 39-month high of P6.94, while its property arm Megaworld Corp., ended at a 26-month high of P1.86.
Another conglomerate, SM Investments, surged to an all-time high of P472 a piece on optimism over its earnings prospects for the year.