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Roundup: Philippine bourse closes higher following equities overseas

Xinhua, March 21, 2016 Adjust font size:

The Philippine stock market took their cue on the U.S. equities and opened the week positively.

The bellwether Philippine Stock Exchange index rose by 0.95 percent or 69.67 points to 7,376.41, while the broader all-share index gained 0.83 percent or 34.69 points to 4,225.76.

Trading volume reached 1.13 billion shares worth 8.67 billion pesos (187.38 million U.S. dollars) with 104 stocks advancing, 79 declining, and 35 were unchanged.

Of the six counters, two bucked the trend. These were services and mining and oil sectors.

"It was, without doubt, the best week of trades so far this year," analyst Justino Calaycay of A & A Securities, Inc. said in his daily stock market comment.

The U.S. equities broke into positive territory and this pushed the index higher.

In the coming days however, online brokerage 2TradeAsia.com said profit-taking might set in with the Lenten pause.

"Sentiment will be stock-specific, accompanied by elevated volatility due to the shorter trading week," it said.

Stocks in the 30-company index were mostly up. Investors picked up shares of SM Investments Corp.,. Ayala Land, Inc., and JG Summit Holdings, Inc. Endit