Stocks maintain rally on positive mood

MANILA, Philippines (Xinhua) - The stock market extended its rally today as investors remain optimistic in the local equities.

The bellwether Philippine Stock Exchange index gained 0.17 percent or 11.83 points to 6,882.73, while the broader all-share index slipped by 0.03 percent or 1.35 points to 4,110.62.

Trading volume reached 1.45 billion shares worth P10.41 billion ($238.10 million) with 100 stocks declining, 77 advancing, and 39 remaining unchanged.

Of the six counters, only the service sector bucked the trend.

"The positive mood prevailed, as fund managers position excess cash in equities," brokerage 2TradeAsia.com said in its daily stock market comment.

The brokerage added that part of the boost might be driven by the country's hosting of the World Economic Forum, where trading ties are seen to be further deepened or expanded.

It added that large caps that have recently retraced to attractive buy targets might be focused, especially those with double-digit earnings growth.

The brokerage said it pegs the local equities' support at 6,850, while resistance is seen at 6,900 to 6,920.

Stocks in the 30-company index closed mixed. Among those that rallied were Ayala Corp., Ayala Land, Inc., and BDO Unibank, Inc.