Philippine stocks rally Tuesday on positive data from China, U.S.

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Philippine stocks rally Tuesday on positive data from China, U.S.

(Xinhua) 18:02, September 10, 2013

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The Philippine stock market closed Tuesday's session 1.55 percent higher following the rally of the Dow Jones.

The bellwether Philippine Stock Exchange index added 92.68 points to 6,089.72, while the broader all-share index rose by 1.28 percent or 47.04 points to 3,720.53.

Trading volume reached 1.14 billion shares worth 8.95 billion pesos with 79 stocks advancing, 54 declining, and 49 unchanged.

Of the six counters, only the mining and oil sector bucked the rally.

"Asian markets extended gains to nearly two weeks following a welcome cheer provided by a recently 'rare' 140-points surge in the Dow overnight," analyst Justino Calaycay of Accord Capital Equities Corp. said.

The analyst added that economic data from China, less than stellar U.S. jobs numbers, and muted prospects of a strike in Syria buoyed confidence in equities.

U.S. stocks rallied as job market numbers eased concerns over U. S. Federal Reserves tapering. Nevertheless, the consensus remains biased towards anticipating a reduction in the 85 billion U.S. dollars monthly bond purchase program ranging from 10-15 billion U. S. dollars.

"The last time the Dow moved by over 100 points north was Aug. 1 when it jumped 128.48 points," he said.

This trickled down to the local stock market, which initially jumped over 100-points early in the session but met interim resistance at the 6,110 mark.

Stocks in the 30-company index were picked up. These include Ayala Corp., Alliance Global Group, Inc., and SM Investments Corp.

（Editor：WangXin、Hongyu）