Phl bourse back to 6,500 level on enthusiasm of US equities

MANILA, Philippines (Xinhua) - The Philippine stock market rallied back to the 6,500 level on Friday, mimicking the enthusiasm of the US equities today.

The bellwether Philippine Stock Exchange index jumped by 2.60 percent, or 166.85 points, to close at 6,574.21 on Friday, while the broader all-share index rose by 2.71 percent or 106.09 points to 4,025.69.

Trading volume reached 1.44 billion shares worth P7.79 billion ($179.55 million) with 111 stocks advancing, 50 declining, and 39 were unchanged.

All six counters were up.

Brokerage DBP-Daiwa Securities, Inc. said the local stock market outperformed the Asia Pacific region, following US lead last night on indication that US Federal Reserves will hold off tapering and continue with stimulus.

The Dow Jones industrial average index rallied by 1.11 percent or 169.26 points and settled at 15,460.92 following the news.

The jubilant move spilled over to the local equities on Friday, although 2TradeAsia.com said investors' attention might center on the composite index's ability to trounce past the 6,500 barrier.

"Sectors sensitive to interest rates are likely to be favored, set against the backdrop of continued low interest rate environment," 2TradeAsia.com said.

Leading the rally were SM Investments Corp., Metropolitan Bank and Trust Co., and Ayala Corp.