Phl bourse rallies on positive outlook for Asia

MANILA, Philippines (Xinhua) - The stock market posted another winning session today following the positive outlook for Asia.

The bellwether Philippine Stock Exchange index jumped by 1.35 percent or 90.44 points to 6,800.84, while the broader all-share index rose by 1.01 percent or 40.67 points to 4,068.96.

Trading volume reached 1.34 billion shares worth P7.51 billion ($171.40 million) with 104 stocks advancing, 71 declining, and 43 remaining unchanged.

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

"Local equities enjoyed anther day in the sun, as sentiment takes its cue from improved regional outlook," brokerage 2TradeAsia.com said in its daily stock market.

The Dow Jones industrial average index added 26.46 points on Monday.

The brokerage however pointed out that momentum has yet to gather speed following last week's sell-off.

It added that more likely the momentum will support range- trading for most part of the week.

"Index-linked shares might lead, especially within financials, property and holdings," 2TradeAsia.com said.

Stocks in the 30-company index were mostly up. These include SM Investments Corp., Ayala Land, Inc., and the Bank of the Philippine Islands.