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Roundup: Philippine bourse closes higher on U.S. equities rise

Xinhua, February 15, 2016 Adjust font size:

The Philippine stock market opened the week positively following the three-digit rise of the U.S. equities.

The bellwether Philippine Stock Exchange index gained 0.57 percent or 38.13 points to settle Monday's session at 6,692.58, while the broader all-share index added 0.71 percent or 27.4 points to 3,867.37.

Trading volume reached 2.26 billion shares worth 6.05 billion Philippine pesos (127.57 million U.S. dollars) with 138 stocks advancing, 46 declining, and 35 were unchanged.

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

Online brokerage 2TradeAsia.com said some investors rode on the U.S. market's advance with the Dow Jones gaining 313 points.

Wall Street's rise was mainly due to the crude oil's recovery.

It however added that some investors are still waiting for further developments in China, the world's second largest economy, before making any move.

"In the coming days, second tier and speculative will likely top trades especially for shares with good short term trading angles," it said.

Stocks in the 30-company index finished mixed. Investors sold down shares of BDO Unibank, Inc., Jollibee Foods Corp., and the Bank of Philippine Islands but picked up shares of index heavyweight Philippine Long Distance Telephone Co. and Petron Corp. Enditem