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Roundup: Philippine bourse goes up on U.S. equities' rally

Xinhua, April 27, 2015 Adjust font size:

The Philippine stock market opened the week positively following the U.S. equities' rally.

The bellwether Philippine Stock Exchange index rose by 0.14 percent or 10.82 points to 7,958.07, while the broader all-share index added 0.19 percent or 8.52 points to 4,555.64.

Trading volume reached 686 million shares worth 8.12 billion Philippine pesos (183.43 million U.S. dollars) with 92 stocks advancing, 88 declining and 48 unchanged.

Of the six counters, only the financials bucked the trend.

"Sideways with upward bias was expected in local equities, as market participants take their cue from Wall Street's incline," online brokerage 2TradeAsia.com said in its daily stock market comment.

The Dow Jones industrial average index breached the 18,000 mark on Friday on expectations that the U.S. Federal Reserves would not raise interest rates any time soon.

Earlier, it was speculated that the U.S. Federal Reserves might increase rates by June.

As a result, interest rate-sensitive shares were highlighted, including holding and other utility plays participating in upcoming privatization and bids for the remainder this year.

The online brokerage advises investors to "trade within range." Immediate support is seen to be at 7,930, while resistance is put between 7,970 and 7,980.

Stocks in the 30-company index were mostly up. These include Ayala Land, Inc., Alliance Global Group, Inc. and SM Prime Holdings, Inc. Endi