Bourse closes higher on good prospect next year

MANILA, Philippines (Xinhua) - The stock market finished the week positively as investors place their bets on stocks that will likely benefit next year.

The bellwether Philippine stock market exchange index closed today's session 0.66 percent higher or 47.05 points up to 7,186. 32, while the broader all-share index rose by 0.55 percent or 23. 19 points to 4,235.52.

Trading volume reached 1.31 billion shares worth P8.06 billion ($180.43 million), with 95 stocks advancing, 75 declining, and 50 being unchanged.

All six counters were up.

"The market continued on its upward trajectory as investors place their bets onto firms with the best prospects for next year, " online brokerage 2TradeAsia.com said in its daily stock market comment.

The online brokerage added that the Wall Street's recovery from a selloff in early December also translated into gains for the local bourse.

The Dow Jones industrial average index rose by 0.87 percent or 154.64 points, closing at a historic high of 17,959.44 amid growing confidence in the job market.

In other news, the announcement of the United Arab Emirates and the Saudi oil ministers that they will maintain their oil output bodes well for oil-intensive industries.

"Immediate support is at 7,100, while resistance is seen at 7, 200," the online brokerage said.

Stocks in the 30-company index were mostly up. These include BDO Unibank, Inc., JG Summit Holdings, Inc., and heavyweight Philippine Long Distance Telephone Co.