Index rallies for 3rd straight session

Local share prices climbed for the third straight session, amid on a tempered pace, as investors continued picking up bargain stocks.

The Philippine Stock Exchange index (PSEi) jumped 2.17 percent or 137.28 points to 6,465.28, while the broader All Shares index added 1.4 percent or 54.43 points to 3,932.04.

“There was an opportunity to accumulate because what’s unusual is that there is a strong economy but a bear market,” an analyst said.

The local bourse also tracked rallies in overseas markets.

In the US, Wall St. was treated with a slew of positive news like higher consumer spending in May, lower jobless claims last week and higher pending home sales last month.

The Dow Jones industrial average picked up 0.8 percent or 114.35 points to 15,024.49 while the broader Standard & Poor’s 500 index added 0.6 percent or 9.94 points to 1,613.20.

Asian markets were not left behind, with Japan’s Nikkei 225 rallying 3.51 percent or 463.77 points to 13,677.32 while Hong Kong’s Hang Seng index rose 1.78 percent or 363.21 points to 20,803.29.

In the local front, all counters were in the green, paced by the recovery in mining and oil that surged 3.39 percent or 446.56 points to 13,631.84.

Turnover value spiked to P15.29 billion from P12.11 billion on Thursday. Advancers outpaced decliners, 96 to 71, while 47 stocks did not change.