Stocks rose for a third straight day, buoyed by the block sale of SM Investments Corp. and expectations that the economy will recover in the third quarter.
The Philippine Stock Exchange index, the 30-company benchmark, climbed by 41 points, or 0.7 percent, to close at 5,995.00 on Wednesday. It was the market’s strongest finish in three weeks, or since closing at 6,300.26 on July 24.
The broader all-share index also picked up 14 points, or 0.4 percent, to settle at 3,551.98, on a value turnover of P17 billion. Losers outnumbered gainers, 102 to 85, while 47 issues were unchanged.
Data showed that Wednesday’s trading was buoyed by a P13.32-billion transaction of SM Investments Corp. which went up 1.4 percent to P870.
Seven of the 20 most active stocks ended in the green, led by Universal Robina Corp. which advanced 3.4 percent to P141.60 and Metro Pacific Investments Corp. which gained 2.5 percent to P3.29.