Roundup: Philippine bourse ends higher on positive prospect of U.S. Fed

The Philippine stock market on Monday recouped last week's losses on hopes that the U.S. Federal Reserves will not raise interest anytime soon.

The bellwether Philippine Stock Exchange index jumped by 1.63 percent or 111.32 points to 6,961.93, while the broader all-share index rose by 1.37 percent or 54.36 points to 4,011.55.

Trading volume reached 2.68 billion shares worth 9.15 billion Philippine pesos (195.55 million US Dollars) with 112 stocks advancing, 65 declining, and 32 were unchanged.

All six counters were up.

Online brokerage 2TradeAsia.com noted that the lower-than- expected jobs data of the U.S., which came out last week boosted local equities' rally on Monday.

"Speculations of a delayed interest rate buoyed local sentiments, trailing Wall Street's 200-point gain," 2TradeAsia.com said in its daily stock market comment.

The U.S. reported that only 142,000 jobs were created last September, way below than the expected 203,000.

The Labor Department likewise reported that unemployment remains at 5.1 percent. "Investors will continue to take their cue from China and the US, more specifically if the former will introduce additional stimulus and as to the U.S., if the same will eventually lift interest rates," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.

Last week, the local barometer dropped for a second straight week and seventh in the last eight on lingering worries over the prospects of the global economy as more evidence of China's economic struggle come to the fore.

Most stocks in the 30-company index ended Monday's session mostly in the positive territory. Ayala Corp., Metropolitan Bank and Trust Co., and Jollibee Foods Corp. were among the favorites. Endi