Stock index jumps 7.3% (1:25 p.m.)
MANILA — Philippine shares surged Tuesday after a week of sharp losses as investor confidence returned following news of U.S. and European governments’ efforts to rescue their troubled banks.
The Philippine Stock Exchange index jumped 154.9 points, or 7.3 percent, at 2,273.65 points.
Advancers led decliners 101 to 16, with 26 issues unchanged.
Astro del Castillo, managing director of First Grade Holdings Inc., says the U.S. bailout plan raised hopes of support for financial banking institutions. He says this has catalyzed confidence in battered markets with good fundamentals, including the Philippines.
Philippine Long Distance Telephone Co. rose 7.8 percent at 2,430 pesos. Ayala Corp. gained 11.23 percent at 262.50 pesos. (AP)
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