(UPDATE) Bourse's gain mirrors US stocks' rise

MANILA, Philippines (Xinhua) - The Philippine stock market rallied past the 6,900 level on Friday, mimicking mostly the performance of the US equities.

The bellwether Philippine Stock Exchange index jumped by 0.91 percent, or 62.97 points, to 6,962.28, while the broader all-share index rose by 0.71 percent, or 29.50 points, to 4,159.49.

Trading volume reached 2.22 billion shares worth p8.82 billion ($202.22 million) with 93 stocks advancing, 85 declining, and 47 were unchanged.

All six counters were up.

"The market followed Wall Street's trail, supported by improving economic data in the US," 2TradeAsia.com said in its daily stock market report.

The Dow Jones industrial average index rallied by 92 points, while the Nasdaq Composite gained 28 points.

The brokerage, however, warned investors to stay alert now that the index is nearing the 7,000 level as this might trigger possible profit-taking.

"Momentum turnout will be monitored, in case the PSEi breaches the 7,000 level. Stay alert for possible profit-taking on rallies, especially as foreign participants prepare for their long weekend US Independence Day break," it said.

Stocks in the 30-company index rallied. Among the most actively- traded issues were heavyweight Philippine Long Distance Telephone Co., Ayala Land, Inc., and SM Prime Holdings, Inc.