Stock market soars; Ayala, MPIC advance

By Jenniffer B. Austria

The stock market jumped Tuesday as investors welcomed the move of President Rodrigo Duterte to make peace with country’s top tycoons.

The bellwether Philippine Stock Exchange Index advanced 99.58 points, or 1.8 percent, to 5,671.67 on a value turnover of P6.4 billion. Gainers beat losers, 118 to 74, with 38 issues unchanged.

Ayala Corp. and Metro Pacific Investments Corp. led gainers after President Duterte on Monday evening apologized to Metro Pacific chairman Manuel Pangilinan and the Ayala Group.

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