MANILA, Philippines (Xinhua) – The stock market extended its rally today even after the fiscal drama in the United States has left many guessing of local investors on the US Federal Reserve’s next move.
The bellwether Philippine stock market gained 0.4 percent or 25. 39 points to 6,387.65, while the broader all-share index rose by 0. 14 percent or 5.52 points to 3,842.32.
Trading volume reached 921 million shares worth P6.11 billion ($141.74 million) with 72 stocks declining, 62 advancing, and 52 were unchanged.
Of the six counters, only the financials and the industrial sectors bucked the trend.
“Share prices appeared to poised to take a breather and snapped a two-session run as the continuing fiscal drama in the US left investors clueless,” analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.
The latest investment rate upgrade from Moody’s Investor Service nevertheless helped boost investors confidence, especially after the index tumbled by as much as 60 points during the session before clawing back to its closing level.
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Calaycay said the three-day rally of the local equities suggest that investors might have shifted gear and are now bullish.
“Prudence is still better. There are still many headwinds and obstacles along the way,” he said.
Stocks in the 30-company index closed mixed. Among those picked up were Alliance Global Group, Inc., Metropolitan Bank and Trust Co., and heavyweight Philippine Long Distance Telephone Co.