PHL Stocks Extend Rally Near 7,500

The local bourse rallied for the third consecutive day on Wednesday amid optimism on the United States economy.

The barometer Philippine Stock Exchange index (PSEi) zoomed 107.63 points or 1.46 percent to 7,463.95 from previous day’s 7,356.72 finish.

“Market rallied for a third day as optimism in the US regarding the strength of its economy spilled over to Asian markets and overshadowed Fed (Reserve) rate hike concerns,” said Jonathan Latuja, equity research analyst at Unicapital Securities, Inc.

Latuja said a rally in crude oil prices with expectations of a drop in suppliers also boosted share prices.

The market’s advance was led by property sector that rose 2.33 percent.

Only the mining and oil sector closed in the red.

Volume of transaction reached 1.54 billion shares valued at PHP7.66 billion.

Advancers outpaced decliners, 112 to 84, while 39 issues unchanged. (PNA) BNB/LDV