Philippine shares up for second straight day on US plan
Philippine share prices rose 2.05 per cent for the second straight day Tuesday on hopes that a US plan to rid banks of toxic assets would put financial markets on the road to recovery, dpa reported.
The Philippine Stock Exchange's 30-share composite index gained 38.60 points to close at 1,917.69, from Monday's finish of 1,879.09.
A total of 2.633 billion shares worth 3.636 billion pesos (75 million dollars) were traded.
Gainers swamped losers 76 to 16, while 47 issues were unchanged.
Traders said market sentiment was also boosted by Wall Street's 6.8-per cent gain after the US Treasury Department unveiled the plan to help banks purge their balance sheets of toxic assets.