Bourse extends winning streak on Wall Street's rally

MANILA, Philippines (Xinhua) - The Philippine stock market closed higher for the third consecutive day today following the extended rally of US equities.

The bellwether Philippine Stock Exchange index (PSEi) rose by 0. 77 percent, or 55.45 points, to 7,287.29, while the broader all- share index closed at 4,309.73 points, up by 26.26 points, or 0.61 percent, from Wednesday's close.

Trading volume reached 1.74 billion shares worth P7.99 billion ($181.06 million) with 85 stocks advancing, 82 declining, and 56 remaining unchanged.

All six counters were up.

"Stocks have now again gained position to make an attempt at the 7,300 to 7,400 range as confidence crept back," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.

Calaycay said signs that central banks of the world's two largest economies are still taking a growth-supportive stance have given the bulls something to chew on.

Wall Street, for instance, rallied to a record close overnight as the US Federal Reserve maintained its interest rates. The Dow Jones industrial average index added 24.88 points to 17,156.85.

"On the technical front, the PSEi's rebound off the 7,130 support range was timely. Had it dropped further past those lines, sentiments could have taken a more drastic turn," Calaycay said.

As the equities stand now, he said the overriding concerns over valuations is still in the air but the fresh round of positive news has momentarily pushed those to the sidelines.