PHL Stocks Rally Ahead of Duterte Inauguration

Local share prices rallied near 7,800-mark on Wednesday as it tracked the upbeat global markets days after the British exit ‘Brexit’ vote and ahead of Duterte administration.

The barometer Philippine Stock Exchange (PSE) zoomed 131.84 points or 1.72 percent to 7,798.53 from previous day’s 7,666.69 finish.

“The local bourse soared in tandem with global marts as expectation for more stimuli sent investors running for bargain issues,” said RCBC Securities Inc. in a market report.

A two-day European Union (EU) Summit to discuss the British referendum result will be held next week.

Banco de Oro Unibank chief market strategist Jonathan Ravelas said investors were optimistic of the new administration which would be inaugurated Thursday noon.

Ravelas said the local market also tracked the recovery in Wall Street.

All sector counters ended in the positive territory, led by services that surged 1.91 percent.

Market breadth ended positive after 128 gainers overwhelmed 66 losers while 48 issues stayed on the sides.

Value turnover amounted Php7.56 billion as 1.16 billion shares changed hands. (PNA) RMA/LDV