Philippine stocks rally on possible U.S. stimulus

(philstar.com) 

MANILA (Xinhua) -- U.S. Federal Reserve chief Ben Bernake's announcement on Wednesday that the central bank is ready to provide fresh stimulus inspired investors to continue buying Philippine shares.

The bellwether Philippine Stock Exchange index gained 0.44 percent or 19.55 points to close at 4,423.55 on Thursday. The broader all-share index added 0.3 percent or 9.42 points to 3,076. 01.

Trading volume reached 7.14 billion shares worth 5.26 billion pesos (122.56 million U.S. dollars) with 76 stocks advancing, 63 declining and 45 were unchanged.

Of the six counters, only the mining and oil sector bucked the trend.

"Local stocks followed through on Wednesday's rebound as investors cheered the latest statements from U.S. Fed Chairman Ben Bernanke," local brokerage AB Capital Securities, Inc. said.

Bernake's statement pushed the Dow Jones industrial average index to finish Wednesday session up 0.36 percent or 44.73 points to 12,491.61. Click here to read more...