Phl shares end up today on hopes US to reach compromise

MANILA, Philippines (Xinhua) - The Philippine stock market extended further its rally today on hopes that the US will reach a compromise.

The bellwether Philippine Stock Exchange index gained 0.84 percent or 53.83 points to 6,489.80, while the broader all-share index rose by 0.87 percent or 33.73 points to 3,925.79.

Trading volume reached 968 million shares worth P8.83 billion ($204.84 million) with 101 stocks advancing, 52 declining, and 39 were unchanged.

All six counters were up.

"Expectations that a political discord would soon be resolved in the US on their debt ceiling deadlock uplifted regional sentiments," brokerage 2TradeAsia.com said in its daily stock market comment.

The brokerage said the Dow Jones industrial average index's provided guidance among investors.

2TradeAsia.com said investors reverted to equities for prospects of improved gains, especially among large caps that were badly beaten.

"Immediate support is seen at 6,400, while resistance is at 6, 500 to 6,540," 2TradeAsia.com said.

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