The bellwether Philippine Stock Exchange index (PSEi) surged by 132.49 points or 2.01% to close at 6,718.50 on Wednesday, while the broader all shares index rose by 60.37 points or 1.73% to 3,537.07. READ:
PHILIPPINE SHARES continued to rise on Wednesday as local manufacturing activity improved in December, indicating a robust economy.
The S&P Global Philippines Manufacturing Purchasing Managers’ Index jumped to a six-month high of 53.1 in December, from 52.7 in November.The Philippines had the highest reading among some of its Association of Southeast Asian Nations neighbors for the month. “The local market trudged higher on upbeat buying appetite following the strong index open atop the 6,600 resistance level. Moreover, the improvement in trading activity and the prevalence of net foreign buying further supported the market’s ascent,” China Bank Securities, Inc. Research Associate Lance Gabriel U. Soledad said.
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