DAVID HAFFENREFFER, CNN ANCHOR: A peaceful transfer of power in the Philippines gave stocks in Manila a big boost today.</s>DEBORAH MARCHINI, CNN ANCHOR: Dalton Tanonaka sums up the day in Asia, from Hong Kong. Hello, Dalton.</s>DALTON TANONAKA, CNN CORRESPONDENT: Good morning. As expected, investors jumped into the Manila market expressing confidence in the new Arroyo government, the Manila Composite Index skyrocketing 17 1/2 percent, its biggest one day point and percentage gain ever. The peso also made further gains early on, but traders said the transfer of power was already factored in after the huge 16 percent leap last Friday, the Philippine currency settling slightly weaker. The positive sentiment in the Philippines helping Hong Kong stocks, as well, the Hang Seng Index up one percent, breaking through the 16,000 point level for the first time in more than three months. Prices were lifted by a 22 percent rise in conglomerate First Pacific. It has a 23 percent stake in Philippine Long Distance Telephone. Asia's biggest market had its seventh straight winning session, the Nikkei edging up a third of a percent to begin the Tokyo trading week, which will continue through this Lunar New Year celebration. And that is the trading day here in Asia, back to you in New York, David and Deborah.</s>HAFFENREFFER: All right, thank you very much, Dalton.
Peaceful Transfer of Power in Philippines Boosts Stocks