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Roundup: Philippine bourse closes higher despite flat movement of U.S. equities

Xinhua, November 26, 2015 Adjust font size:

The Philippine stock market managed to steal some gains on Thursday despite the flat movement of the U.S. equities and lack of leads.

The bellwether Philippine Stock Exchange index gained 0.06 percent or 4.11 points to 7,063.25, while the broader all-share index gained 0.07 percent or 2.66 points to 4,056.60.

A total of 789.95 million shares worth 6.30 billion Philippine pesos (133.94 million U.S. dollars) changed hands. By the final bell, 85 stocks declined, 75 advanced, and 48 were unchanged.

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

"Local equities resumed their climb ahead of the release of the third quarter gross domestic product result," online brokerage 2TradeAsia.com said in its daily stock market comment.

The online brokerage added that the bullish expectations on the European Central Bank's (ECB) policy move during its meeting next week have also bolstered some sentiments.

The ECB is eyeing options such as charges on banks with cash or to buy more debt to stimulate its economy.

These expectations have kept investors' interest although most of them remain cautious in the absence of any strong leads.

The index, in fact, touched an intra-day low of 7,043.88 during the session and trading was marked with hesitancy.

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