Stocks rally following positive performance overseas

MANILA, Philippines (Xinhua) - The stock market further rallied today following the positive performance overseas.

The bellwether Philippine Stock Exchange index jumped by 0.79 percent or 57.93 points to 7,367.63, while the broader all-share index added 0.45 percent or 19.27 points to 4,321.89.

Trading volume reached 2.37 billion shares worth P11.13 billion ($247.42 million) with 103 stocks advancing, 69 declining, and 49 were unchanged.

Of the six counters, two bucked the trend. These were the financials and the industrial sectors.

"Philippine shares advanced for a ninth day as it made its third, an most serious attempt at the 7400-mark since piercing the line in intra-day trades last September 25 last year," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.

Calaycay said the market actually started off on a pessimistic note as investors probably weighed the magnitude of the preceding eight-day rally, but the mood eventually swung towards optimism riding on the US market's overnight rebound on anticipation of more evidences of a stronger economy on the data front.

The Dow Jones industrial average index was up by 212 points after slumping for five days.

"Futures indexes in both sides of the Atlantic are currently showing a possible extension of last night's run," Calaycay said.

As such, Calaycay said he expects the market to close the week positively especially since the index is dropping hints of a potential break past the 7400-line.

Stocks in the 30-company index closed mixed. Among those picked up were Ayala Land, Inc., Metropolitan  Bank and Trust Co., and Ayala Corp.