Philippine bourse extended its rally

MANILA, Philippines (Xinhua) - The Philippine stock market extended its rally today, albeit marginally, on lack of leads.

The bellwether Philippine Stock Exchange index added 0.03 percent or 2.59 points to 7,776.51, while the broader all-share index was up by 0.006 percent or 0.28 of a point to 4,525.07.

Trading volume reached 1.43 billion shares worth P8.57 billion ($194.33 million) with 102 stocks advancing, 68 declining, and 50 unchanged.

Three of the six counters bucked the trend.

"Positive momentum was maintained, ahead of the release of February's inflation this Thursday," online brokerage 2TradeAsia. com said in its daily stock market comment.

London-based investment Barclays earlier said it sees inflation rising to 2.5 percent in February after Typhoon Ruby hit the country in last December.

Investors, it said, are basing their decisions on developments among local companies especially those with cash dividend declaration.

"Caution should be ruled also, given the frail turnout," it said.

Stocks in the 30-company index ended mixed. Among those sold down were heavyweight Philippine Long Distance Telephone Co., Ayala Land, Inc., and Metro Pacific Investments Corp.