(UPDATE) Stocks bull on positive US market

MANILA, Philippines (Xinhua) - The Philippine stock market extended its rally on Tuesday, mirroring mostly the performance of the US equities.

The bellwether Philippine Stock Exchange index rose by 0.39 percent or 26.83 points to 6,983.49, while the broader all-share index gained by 0.28 percent or 11.64 points to 4,175.32.

Trading volume reached 1.12 billion shares worth P6.17 billion ($140.64 million) with 88 stocks advancing, 87 declining, and 56 were unchanged.

All six counters were up.

On Monday, the Dow Jones industrial average index added 16.05 points even after the drop in European equities due to tension in Ukraine and Russia.

Brokerage 2TradeAsia.com said investors will continue to take directions overseas and any indication that military tension is receding in countries at the center of world geopolitics will be lauded by players.

"Investors focused on continuity of Monday's strong turnout, especially on reports of portfolio buying, starting with Japan's pension fund," the online brokerage said.

2TradeAsia.com advises investors to continue to trade a range as supply pressure might still be met on rallies.

Stocks in the 30-company index closed mixed. Among those picked up were heavyweight Philippine Long Distance Telephone Co., Ayala Land, Inc., and BDO Unibank, Inc.