Index rallies on regional uptrend

MANILA, Philippines - Share prices rallied yesterday, mirroring the general uptrend across Asia, analysts said.

The main composite index surged 226.03 points, or 3.64 percent, to finish at 6,434.08.

Likewise, the broader All Shares index finished by 100.88 points, or 2.82 percent, to end at 3,678.80.

Paolo Hizon of Unicapital Securities attributed the positive market sentiment to the European Central Bank’s statement last week that it would provide stimulus to their economy.

“Extending the positive market sentiment from ECB’s statement last week to provide stimulus to their economy, markets closed in the green today,” Hizon said.

Hizon said investors would be looking at the results of the US Fed and Bank of Japan meetings and would also be waiting for the 2015 GDP results to be released on Thursday.

“We may get fresh news on their stance to support their respective economies. In addition to that, the 2015 GDP of the Philippines is scheduled to be announced this week,” Hizon said.

During yesterday’s session, value turnover reached P6.675 billion. Advancers edged out decliners, 131 to 46 while 35 stocks were unchanged.