The stock market extended its rally for the second straight day Monday in thin trading after President Donald Trump showed signs of conciliation in his trade wars.
The Philippine Stock Exchange Index rose 76.32 points, or 1 percent, to 7,660.14 on a value turnover of P4.9 billion. Gainers beat losers, 100 to 84, with 43 issues unchanged.
DMCI Holdings Inc. of the Consunji Group advanced 6.8 percent to P10.42 after unit D.M. Consunji Inc. said order book had reached P25 billion as of end March 2019. Aboitiz Equity Ventures Inc. of the Aboitiz Group climbed 4.6 percent to P50.25.
GT Capital Holdings Inc. of the Ty Group gained 3.7 percent to P850, while unit Metropolitan Bank & Trust Co., the second-biggest lender in terms of assets, rose 3.4 percent to P75.50.
Most Asian markets, meanwhile, gained Monday but investors remain on edge over the China-US standoff with some concerns that talks between the two have stalled.
Mumbai equities and the rupee soared on the back of exit polls suggesting business-friendly Prime Minister Narendra Modi was on course to be re-elected.
Sydney stocks and the Australian dollar rallied after a shock win for the conservatives, while Japanese dealers were cheered by forecast-beating economic growth data.
However, the pound is wallowing around four-month lows on growing fears Britain will leave the European Union without a divorce deal.
Most equity markets were in positive territory, with Sydney 1.7 percent higher following the surprise victory of Prime Minister Scott Morrison’s Liberal-National coalition in weekend elections. The Aussie dollar also enjoyed support, climbing 0.7 percent against the greenback.
Tokyo ended 0.2 percent higher, with traders taking heart from news that the Japanese economy expanded more than expected in the first quarter and improved slightly from the previous three months.
Wellington added 0.5 percent and Taipei was 0.1 percent higher, with Jakarta one percent up.
However, Hong Kong shed 0.6 percent and Shanghai was off 0.4 percent, with Seoul marginally down.
Global markets have been in turmoil for two weeks since Trump threatened—and later delivered—a hike in tariffs on Chinese imports, to which Beijing retaliated and relit their debilitating trade battle.
The move also threw a spanner in the works for long-running negotiations between the economic superpowers that were thought to have been close to conclusion.
That was compounded by Trump’s decision to bar Chinese telecoms firms from the US market and added Huawei to a blacklist restricting US sales to the firm.
But there was a sliver of hope after Trump on Friday removed steel tariffs on Canada and Mexico and announced a six-month delay in imposing steep tariffs on auto imports as he seeks talks with Japan and the EU on the issue.
Still, Michael Metcalfe, global head of macro strategy at State Street, said markets could be ready for a healthy bounce.
“Right now, cash levels are at quite elevated levels and investors have money to put back into the market,” he told Bloomberg TV. With AFP