Philippine stocks surge 6.02 per cent
Philippine share prices soared 6.02 per cent Tuesday, tracking Wall Street's strong performance after a US government bailout of the banking giant Citigroup, dpa reported.
The 30-share composite index of the Philippine Stock Exchange gained 108.46 points to close at 1,908.18.
A total of 1.39 billion shares worth 1.9 billion pesos (38.15 million dollars) were traded. Gainers led losers 77 to 26, while 24 issues were unchanged.
Traders said investors took their cue from Wall Street, where the Dow Jones Industrial Average surged 4.93 per cent Monday after the US government announced plans to infuse 20 billion dollars into Citigroup.
They noted that the market was expected to follow Wall Street's performance in the coming days because there was no significant developments foreseen in the local economy to move the bourse.