Philippine bourse closes up on higher U.S.interest rates expectation

The Philippine stock market opened the week positively following U.S. Federal Reserve chair Janet Yellen's expectations of a higher interest rates.

The bellwether Philippine Stock Exchange index gained 0.71 percent or 52.66 points to 7,464.34, while the broader all-share index rose by 0.56 percent or 24.62 points to 4,459.81.

Trading volume reached 2.69 billion shares worth 15.39 billion Philippine pesos (329.07 million U.S. dollars) with 104 stocks declining, 85 advancing, and 45 were unchanged.

Four of the six counters bucked the trend. These were financials, industrial, mining and oil sector, and the property sectors.

Online brokerage 2TradeAsia.com said the 44-point rise of the Dow Jones industrial average index trickled down to local equities.

Apart from Wall Street's positive response to Fed chief Yellen's remark however, gauges were also led by index heavyweight Philippine Long Distance Telephone Co.'s ADR's rise on the heels of management's consideration to raise fresh funds to pare down its debt.

The telephone giant posted a 9.13 percent gain.

"Also, expectations of subdued inflation could buoy-up interest in consumer-spending plays, specifically retail," it said.

It advises investors to continue to trade a range.

Stocks in the 30-company index finished mixed. These include BDO Unibank, Inc., Globe Telecom, Inc., and JG Summit Holdings, Inc. Enditem