Market extends rally on positive investor sentiment in Philippines

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The stock market extended its rally to a fourth straight session yesterday, buoyed by positive cues from both domestic and abroad, analysts said.

The Philippine Stock Exchange index rose by 1.11 percent or 74.78 points to settle at 6,830.04, while the broader All Shares index climbed by 0.78 percent or 27.71 points to 3,566.76.

Buying enthusiasm continued in the local bourse on the back of a better-than-expected January inflation print. Sentiment was also positive overseas as investors parse through another slate of quarterly results halfway through the corporate earnings season, Luis Limlingan of Regina Capital said.

On top of favorable local economic figures, Philstocks Financial's Claire Alviar said positive cues from the US markets, driven by strong corporate earnings, coupled with the expectation of an interest rate cut by the Federal Reserve, boosted the sentiment further.

Except for the mining and oil index, all gauges ended in the green.

Leading the charge were services, which surged by 2.13 percent, and property and holding firms which both soared by more than one percent.

Net market value turnover stood at P6.13 billion, significantly higher from the previous day's P4.61 billion.

Market breadth was positive as advancers pummeled decliners, 112 to 80, while 49 stocks were unchanged.

Ayala Corp. posted the largest increase of 6.40 percent among index members, while DMCI Holdings lost the most at 2.37 percent.