Stocks keep rising on positive market mood
MANILA, Philippines (Xinhua) - Buying continued on Tuesday, allowing the Philippine stock market to extend its rally for the second time this week.
The bellwether Philippine Stock Exchange index rose by 0.46 percent or 31.08 points to 6,793.07, while the broader all-share index gained 0.41 percent or 16.51 points to 4,073.94.
Trading volume reached 967.26 million shares worth P7.68 billion ($175.31 million) with 110 stocks advancing, 69 declining, and 45 unchanged.
Of the six counters, only the services and the mining and oil sectors bucked the trend.
Brokerage 2TradeAsia.com said attempts to move closer to 6,800 points might continue to prevail, especially with the narrowing net foreign selling gauge in Monday's trades.
"Large-caps that rose recently continued to rise, riding on prospects for subdued borrowing costs for the remainder this year, " the online brokerage said.
It added that some second and third tier plays were also highlighted as investors try to book intra-week trading gains.
Stocks in the 30-company index were mostly up. These include SM Investments Corp., Alliance Global Group, Inc., and Metropolitan Bank and Trust Co.
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