Stock market posts another triple-digit gain

MANILA, Philippines (Xinhua) - The stock market posted another triple-digit gain today as prices remain cheap.

The bellwether Philippine Stock Exchange index jumped by 2.17 percent or 137.28 points to 6,465.28, while the broader all-share index rose by 1.4 percent or 54.43 points to 3,932.04.

Trading volume reached 7.53 billion shares worth P15.29 billion ($354.05 million) with 96 stocks advancing, 71 declining, and 47 were unchanged.

All six counters were up.

Brokerage 2TradeAsia.com said the composite index finished Friday's session in the positive as barometers are still far from neutral after hitting rock-bottom.

"Gauging from the average between the PSEi's latest high and low, barometers are still far from meeting 6,524, which would serve as 'inflection point' to check if the market would continue to revert to its upward trajectory, or otherwise," the brokerage said.

Friday's gains, it said, was a "spillover" from the previous rallies after the market's successive drops, going to as low as 5, 678.73 this week alone from a high of 7,000.

DBP-Daiwa Securities, Inc. said the Philippine equities' performance mirrored that of the Asia-Pacific region, most of which also closed in the positive.

"Balance portfolios by combining defensive and double-digit sector growth bets," 2TradeAsia said, noting that immediate support is still at 6,300, while resistance level is pegged at 6, 400 to 6,430.

Stocks in the 30-company index were mostly up. These issues include SM Investments Corp., Ayala Land, Inc., and heavyweight Philippine Long Distance Telephone Co.