Moderate increase ends Philippine stock market's 4-day carnage

16:58, July 21, 2010      

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Moderate bargain hunting ended the Philippine market's four-day carnage on Wednesday.

The benchmark Philippine Stock Exchange index rose by 0.38 percent or 13.02 points to 3,418.71, while the broader all-share index gained 0.47 percent or 10.37 points to 2,178.74.

Trading volume reached 1.82 billion shares worth 3.86 billion pesos (83.20 million U.S. dollars). Foreign investors continued to be net buyers with 46.43 million pesos (1 million U.S. dollars).

Advancers led decliners 61 to 38 while 69 stocks did not move. Of the six counters, only the financial and the service sector bucked the composite index's rally.

"The Philippine market continues to move sideways even after the Dow Jones industrial average index's 75-point overnight advance that lent some optimism (on Wednesday)," Justino Calaycay, an analyst of Accord Capital Equities Corp., said in his daily stock market comment.

The U.S. market on Tuesday recovered from an early fall following reports that the Federal Reserve may be looking at fresh interventions to induce bank lending.

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