MANILA - The Philippine stock exchange rose 2.1 percent on Wednesday with telco stocks surging.

The broader All Shares index meanwhile was up 1.3 percent.

Globe Telecom was up 14 percent at P2,600 per share the close of today’s trading. This was the stock’s highest level in six years.

PLDT meanwhile was up 7.8 percent, closing at P1,345 per share.

Analysts said the two telcos surged due to the strong growth of their fintech subsidiaries.

Globe earlier announced that Mynt, its fintech arm which operates the popular GCash app, finally attained profitability and further increased the number of its users this year.

PLDT’s Voyager Innovations, which operates the PayMaya app, also said its user base grew significantly this year.

Both fintech players also secured investments from major international investors earlier this year.

The number of online cashless payments surged last year as the COVID-19 pandemic pushed consumers and users to use fintech solutions amid lockdowns and social distancing restrictions.

• GCash says transactions on platform hit P300 billion a month
• GCash in no hurry for IPO as e-wallet value thickens to $1-B, posts profit

• PayMaya says users doubled to 38 million in 1.5 years
• BSP likely to 'accomplish' digitalization goals by 2022: Diokno

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