Wednesday, February 17, 2010
RP stocks up on revived bargain-hunting
MANILA, Philippines – Local stocks rallied on Wednesday, allowing the main stock index to climb back to the crucial 3,000 mark, as investors were reinvigorated by fresh indicators that the global economy was gaining ground.
The main-share Philippine Stock Exchange index racked up 50.96 additional points or 1.72 percent to close at 3,018.67 as an upbeat trading in Wall Street revived the bargain-hunting momentum across all counters.
The rally was led by the property and holding firm counters which surged by 2.37 percent and 2.25 percent, respectively.
Value turnover at the local bourse increased to P3.56 billion, lifting the prices of 68 listed stocks. On the other hand, there were 45 decliners and 57 unchanged stocks.
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