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Philippine bourse closes higher following rise of oil price

Xinhua, April 13, 2016 Adjust font size:

The Philippine stock market rallied on Wednesday following the rise in the prices of oil.

The bellwether Philippine Stock Exchange index went up by 0.47 percent or 34.44 points to 7,341, while the broader all-share index gained by 0.36 percent or 15.45 points to 4,318.26.

Trading volume reached 1.57 billion shares worth 7.70 billion Philippine pesos (167.13 million U.S. dollars with 95 stocks declining, 94 advancing, and 52 were unchanged.)

All six counters were up.

Online brokerage 2TradeAsia.com said in its daily stock market comment that investors welcomed the production freeze agreement between Saudi Arabia and Russia.

The agreement basically sent prices of oil rallying to four-month highs.

Stocks in the 30-company index finished mixed. Among those picked up were BDO Unibank, Inc., SM Investments Corp., and Megaworld Corp. Endit