Roundup: Philippine stocks outperform Asian counterparts on Thursday's trading

(Trading Markets.com)

Philippine market bucked the lackluster performance of most of the Asian markets on Thursday.

The bellwether Philippine Stock Exchange index rose by 1.04 percent or 30.06 points to close at 2,914.87 on Thursday, while the all share index gained 0.76 percent or 14.06 points to 1,853. 78.

Trading remains low where only 932 billion shares worth 2.18 billion pesos were changed hands. Foreign buyers beat sellers with 162 million pesos.

Of the six counters, only the service sector closed lower. Industrial shares meanwhile rallied the most, climbing by 2.21 percent or 96.36 points to 4,444.02. Market breadth was positive where a total of 69 issues gained as oppose to the 34 stocks that declined. A total of 54 stocks meanwhile did not move.

"A follow-through support was visible Thursday given the improving indicators overseas. Part of the boost emanated from the European Union's support on Greece's budget deficit reduction plan, pacifying earlier concerns the nation might require a bailout plan from the European block," online brokerage 2TradeAsia.com said.

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