Stocks extend rally on improving investor sentiment

MANILA, Philippines (Xinhua) - Spurred by positive economic data in the United States, investors went on a buying mode and allowed the Philippine stock market to extend its gains today.

The bellwether Philippine Stock Exchange index added 0.15 percent, or 10.50 points, to 7,068.03, while the broader all-share index gained 0.08 percent, or 3.48 points, to 4,177.23.

Trading volume reached 7.66 billion shares worth P7.12 billion ($158.82 million) with 89 stocks advancing, 87 declining, and 46 were unchanged.

Of the six counters, only the property sector bucked the trend.

Online brokerage 2TradeAsia.com said traders recouped losses incurred in previous sessions, as sentiment trails better-than- expected economic data in the US.

The fourth quarter window dressing might have also improved some stocks' performance today.

The limited rally, however, could be brought about by the anticipation ahead of the local monetary board's meeting on Thursday.

"Immediate support is 7,050, while resistance is 7,100," 2TradeAsia.com said.

Stocks in the 30-company index closed mixed. Among those picked up were heavyweight Philippine Long Distance Telephone Co., BDO Unibank, Inc., and Metropolitan Bank and Trust Co.