Philippine stocks hit 10-month high

Posted at 04/22/2014 5:52 PM

MANILA, Philippines - The Philippine Stock Exchange index (PSEi) extended its rally on Tuesday, briefly touching the 6,800 level.

The main index eventually finished 0.26 percent higher at 6,784.95, a 10-month high.

Advancers beat decliners 107 to 77, while 33 issues were unchanged.

Among today's big gainers were SM Investments, BDO and Alliance Global Group.

Megaworld also jumped 2.2% after getting an "overweight" recommendation from HSBC with a target price of P5.25 per share.

On Tuesday, foreign funds were net buyers with P2.6 billion.

BSP deputy governor Diwa Guinigundo says the return of foreign funds to the stock market only shows there is growing international confidence in the Philippine economy.

At the foreign exchange market, the peso is slightly weaker, closing at P44.53 against the US dollar. - ANC