Phl bourse sustains momentum

MANILA, Philippines (Xinhua) - The Philippine stock market again ended the trading session above the 6,000 level today as it rallied along with other Asian equities.

The bellwether Philippine Stock Exchange index gained 0.23 percent, or 13.64 points, to 6,019.24, while the broader all-share index rose by 0.06 percent, or 2.19 points, to 3,662.36.

Trading volume reached 2.01 billion shares worth P4.72 billion ($104.6 million) with 85 stocks advancing, 72 declining, and 39 were unchanged.

Of the six counters, only the holding firm and the property sectors bucked the trend.

"Sentiments glided with the region, in the absence of other fresh leads in Wall Street due to Martin Luther King, Jr. holiday, " 2TradeAsia.com said in its daily stock market comment.

The brokerage said activity stayed light for now, as investors wait for the release of indicative corporate earnings results for 2013, as well as forward statements from the US Federal Reserves.

In the succeeding trades however, the brokerage said metals and oil exploration shares might be highlighted, given gold's expected technical rebound from lows plus rising crude futures as a result of increasing demand.

"Immediate support is seen at 6,000, while resistance is at 6, 030 to 6,040," 2TradeAsia.com added.

Stocks in the 30-company index closed mixed. Among those that rallied were heavyweight Philippine Long Distance Telephone Co., Banco de Oro Unibank, Inc., and Alliance Global Group, Inc..