Stocks continue to rally on higher oil

MANILA, Philippines – Share prices continued to rally yesterday, boosted largely by the strengthening in global oil prices, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) soared 112.30 points or 1.69 percent, while the broader All Shares index finished ahead by 54.86 points or 1.44 percent to finish at 3,868.61.

Despite yesterday’s rally, analysts said this does not mean that foreign investors are back as they still have to wait for clearer signals on both the local and global front before they park their funds in equities market again.

“It doesn’t really mean much. Volume is still low. Doesn’t mean foreign investors are back,” said an analyst.

Foreign investors, for instance, are awaiting the latest US job numbers that could influence how much the Fed will raise interest rates throughout the year.

Total value turnover amounted to P7.39 billion as advancers outnumbered decliners 106 to 54. Fifty-three stocks were left unchanged.

Asian stock markets came under pressure yesterday, closing mixed despite a positive finish on Wall St. overnight.

Shanghai stocks, crawled up 0.2 percent and Australian shares dipped 0.1 percent. Japan’s Nikkei underperformed, dropping 1.4 percent and headed for its fourth straight day of losses.

Hong Kong’s Hang Seng drew cues from an overnight Wall Street bounce and rose 0.8 percent, while other gainers included Malaysian and Singapore shares.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 percent. The index was still on track to end the week roughly unchanged.