PHL shares gain 1.7% on surge in global markets

Philippine share prices surged for the fourth straight day Tuesday, buoyed by gains global registered overnight by global markets. Most markets rallied behind the pledge of European leaders to keep the continent from sinking deeper into the quagmire its debt crisis. The Philippine Stock Exchange index advanced 68.69 points or 1.7 percent to close at 4,109.27, while the all shares gained 33.77 points or 1.17 percent to 2,912.50. Gainers outnumbered losers 75 to 67 while 34 stocks closed unchanged. All six sub-indices closed higher, led by Services' 1.84-percent climb and Property's 1.82-percent advance. Volume reached 7.72 billion shares valued at P5.96 billion. "Optimism surged as Europe appeared to move closer to resolving [its] debt crisis and US economic numbers pushed recession fears further back," said trader Justino Calaycay Jr. of Accord Capital Equities Corp. Leaders of France and Germany have committed to "do everything necessary" to resolve the Eurodebt crisis by rescuing Greece, fix the euro and recapitalize the banks, according to news reports. US stocks also posted gains overnight on Wall Street, further galvanizing the resolve among Philippine players to buy during Tuesday’s session. — VS, GMA News