MANILA, Philippines (Xinhua) – The Philippine stock market rallied back to the 6,800 level following the strong gains in US stocks last Friday.
The bellwether Philippine Stock Exchange index jumped by 2.59 percent or 173.65 points to 6,875.60. The broader all-share index rallied by 1.96 percent or 81.20 points to 4,229.61.
Trading volume reached 1.14 billion shares worth P14.22 billion ($332.63 million) with 123 stocks advancing, 52 declining, and 29 unchanged.
All six counters were up.
“Buyers resumed to position in equities on Monday, encouraged in part by Wall Street’s overnight ascent,” 2TradeAsia.com said.
Dow Jones industrial average index jumped by 207 points last Friday on back of a US labor department report that American employers took in more workers in May.
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Monday’s climb, according to analyst Justino Calaycay of Accord Capital Equities Corp., has taken back 40 percent of the values lost during the meltdown.
“Yet despite the strong price and index surge, caution remained fairly evident as turnover kept a slack pace,” Calaycay said.
Value turnover have been below the five-period and 30-period averages for quite some time and Monday’s action does not show any indication that is to change.
Stocks in the 30-company index were mostly up. These include Metropolitan Bank and Trust Co., SM Prime Holdings, Inc., and Alliance Global Group, Inc.
