Shares rally following increase in Dow Jones index

MANILA, Philippines (Xinhua) - The Philippine stock market was up on Tuesday following the US equities' rally.

The bellwether Philippine Stock Exchange index rose by 0.10 percent or 8.19 points to 7,828.48, while the broader all-share index gained 0.18 percent or 8.40 points to 4,553.77.

Trading volume reached 3.25 billion shares worth P9.08 billion ($205.20 million) with 97 stocks advancing, 71 declining, and 50 were unchanged.

Two of the six counters bucked the trend. These were the industrial and the mining and oil sectors.

"Developments abroad continue to be on traders' minds as they await responses towards better-than-expected jobs growth stateside, " online brokerage 2TradeAsia.com said in its daily stock market comment.

The Dow Jones industrial average index was up by 0.78 percent or 138.94 points following the rally on industrial and technology companies.

Investors, the online brokerage said, will continue to weigh prospects versus challenges for the upcoming second quarter results.

"Immediate support is at 7,800, while resistance is seen at 7, 850," it said.

Stocks in the 30-company index were mostly up. These were Ayala Corp., heavyweight Philippine Long Distance Telephone Co., and Ayala Land, Inc..