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Roundup: Philippine bourse extends rally on positive equities outlook

Xinhua, March 18, 2016 Adjust font size:

The Philippine stock market extended its rally on Friday still on optimism on U.S. Federal Reserve's decision to keep rates unchanged.

The bellwether Philippine Stock Exchange index rose by 1.33 percent or 95.84 points to 7,306.74, while the broader all-share index added 0.77 percent or 32.04 points to 4,191.07.

Trading volume reached 1.28 million shares worth 11.17 billion pesos (241.2 million U.S. dollars) with 100 stocks advancing, 80 declining, and 40 were unchanged.

Of the six counters, only the industrial and the mining and oil sectors bucked the trend.

Online brokerage 2TradeAsia.com said optimism continue to boost local equities especially after the U.S. Federal Reserves scaled back on its outlook on interest rates this year.

"Policymakers now see two 25 basis points this year compared to four in December," it said.

The news, 2TradeAsia.com said, is likely to drive property stocks especially those engaged in commercial and office spaces.

Stocks in the 30-company index finished mixed. Investors picked up shares of heavyweight Philippine Long Distance Telephone Co. and Globe Telecom, Inc. but sold down shares of BDO Unibank, Inc. Endit