(UPDATE) Stocks regain momentum on positive US performance

MANILA, Philippines (Xinhua) - The stock market rallied back today following the positive performance of the US equities.

The bellwether Philippine Stock Exchange index jumped by 0.49 percent or 33.32 points to 6,867.36, while the broader all-share index climbed by 0.29 percent or 11.97 points to 4,112.58.

Trading volume reached 668 million shares worth $7.69 billion with 88 stocks advancing, 81 declining, and 50 were unchanged.

All six counters were up.

Overseas, the Dow Jones industrial average index added 77.52 last night following positive corporate results.

This, in the absence of any other news and coupled with bargain hunting, enticed investors to brave the local stock market today.

"Investors will take a closer peak on U.S. Federal Reserves Chair Janet Yellen's speech before the U.S. Senate committee," brokerage 2TradeAsia.com said.

The online brokerage said investors will particularly watch out for hints as to when monetary authorities would consider an upward rate adjustment.

This, it said, will determine the next move of investors given the dearth of news locally.

For now, the 2TradeAsia.com said it expect traders to take advantage of the volatility at the forex, crude futures, and metal markets.

"Short-term trading opportunities in the local equities, however, are present," it said.

Stocks in the 30-company index closed mixed. Among those picked up were BDO Unibank Inc., Alliance Global Group, Inc., and heavyweight Philippine Long Distance Telephone Co.