Phl stocks rally back to 6,300, focus on US Fed meeting

MANILA, Philippines (Xinhua) - Philippine stock market rallying back to the 6,300 level today as easing tensions over Syria's chemical weapons buoyed markets worldwide.

The bellwether Philippine stock exchange index gained 0.66 percent or 41.43 points to 6,344.14. The broader all-share index added 0.93 percent or 35.38 points to 3,837.81.

Trading volume reached 1.42 billion shares worth P10.06 billion ($230.52 million) with 85 stocks advancing, 57 declining, and 40 unchanged.

Of the six counters, only the holding firm and the mining and oil sectors bucked the trend.

But analyst Justino Calaycay of Accord Capital Equities Corp. is not that impressed, noting that the next few days will test the strength of the local equities' recent rally.

The local equities, he said, will make an attempt to close at the 6,500 level as more investors are now focused on the two-day U. S. Fed meeting that's starting Tuesday (US time).

"In a matter of days, investors will have their questions answered and with it the uncertainty fades into the background. Syria has already taken a backseat and now its the Fed's turn," Calaycay said.

The analyst said any cut that fall within the $10 billion to $15 billion seem to have been imputed into prices already and as such may not create much of a stir.

"Only a negative surprise may pull the rug on this momentum," Calaycay said.

Stocks in the 30-company index were mostly up. These issues include Ayala Corp., Ayala Land, Inc., and Banco de Oro Unibank, Inc.