PSEi up on thin trade
MANILA, Philippines - The Philippine Stock Exchange index (PSEi) is up on thin trade, as valuation concerns and external risks from the US and Syria tempered gains.
The index climbed 0.36% to close at 6,083.91.
Among the day's gainers were Ayala Corp. (P536 up 0.37%); Megaworld (P3.16 up 1.94%) and SM Prime Holdings (P16.76 up 3.46%).
Gaming stocks were lifted by news of continued strong tourist arrivals to the country. Bloomberry, which operates Solaire Casino and Resort, rose 1.3%.
At the foreign exchange market, the peso weakened by 6 centavos to close at 44.334 against the dollar.
Asian stocks climb further
Meanwhile, Asian shares on Tuesday extended their gains and the dollar pushed back towards 100 yen after strong manufacturing data in China and Europe pointed to an uptick in the global economy.
Stocks in emerging economies also enjoyed small rises after a painful August that saw a huge global sell-off, while easing fears of an imminent strike on Syria helped push oil prices down further.
Tokyo surged 2.99 percent, or 405.52 points, to close at 13,978.44 as the yen weakened against the dollar, while Hong Kong added 0.99 percent, or 219.24 points, to end at 22,394.58.
Sydney closed 0.16 percent higher, adding 8.3 points, to 5,196.6 and Seoul rose 0.46 percent, or 8.93 points, to finish at 1,933.74. Shanghai was up 1.18 percent, or 24.66 points, at 2,123.11.
US markets were closed on Monday for the Labor Day holiday.
September trade started strongly in Asia Monday after weekend figures showed China's official purchasing managers index (PMI) of manufacturing activity came in at a 16-month high in August.
The upbeat numbers add to recent figures indicating a painful slowdown in the world's number two economy, a key driver of global growth, may be coming to an end.
Figures by Markit Economics on Monday showed the PMI for the eurozone jumped to a 26-month high of 51.4 points in August from 50.3 in July. A figure above 50 indicates growth while anything below points to contraction.
The European PMI also follows recent data that have raised hopes the region's drawn-out recession may be in the past.
London's FTSE 100 jumped 1.45 percent, the DAX 30 in Frankfurt climbed 1.74 percent and the CAC 40 in Paris added 1.84 percent.
Currency investors were confident enough to move into higher-yielding, higher-risk units, sending the yen lower.
The dollar rose to 99.61 yen from 99.34 yen in London late Monday. The greenback dived below the 96-yen level last week because of jitters over Syria.
The euro changed hands at $1.3171, against $1.3193, while also buying 131.19 yen from 131.11.
Crude prices eased further on Tuesday as worries about supply receded after US President Barack Obama said he would ask Congress to approve a military strike on Syria. The announcement means any attack is unlikely in the immediate future.
In Asian trade, New York's main contract, West Texas Intermediate for delivery in October, was down 60 cents at $107.05, while Brent North Sea crude for October was one cent off at $114.32.
Both contracts peaked at multi-month highs and global shares slumped last week as traders bet on US-led action that they fear could spill over in the wider Middle Eastern region.
Among emerging markets, Manila rose 0.36 percent, or 22.11 points, to 6,083.91, while in late trade Kuala Lumpur added 0.52 percent and Jakarta was up 0.70 percent, despite disappointing manufacturing figures from Indonesia. Mumbai sank 2.10 percent after India's PMI also came in below expectations.
August was a torrid month for developing economies as investors pulled out their cash in expectations the US Federal Reserve will soon wind down its stimulus programme.
Gold cost $1,389.80 an ounce at 0700 GMT, down from $1,390.00 late Monday. - With ANC and Agence France-Presse