PHL stocks extend rally on strong economic data

MANILA, March 31 PNA) –- Local share prices extended their rally to a second day on Monday on recent euphoria aided by strong economic data.

The benchmark Philippine stock exchange index (PSEi) advanced 69.09 points or 1.09 percent to 6,428.71 from previous day’s 6,359.62 finish.

”The recent round of economic data from the local front should allow for a sustained push as trades for the month of March and the fiscal first quarter comes to a close,” said Jun Calaycay, an analyst at Accord Capital Equities Corp.

The Monetary Board decided to leave policy rates unchanged even as it increased banks’ reserve requirements by 100 basis points to 19 percent.

The latest Bangko Sentral ng Pilipinas (BSP) survey showed consumer confidence still rising.

Debt watcher Fitch Ratings Inc. recently reaffirmed the country’s investment grade status, while the International Monetary Fund and the Standard & Poors adjusted their growth outlook for the Philippines.

Brokerage firm 2tradeasia.com said buyers also checked for possible quarter-end closing from some institutional fund managers.

It said improved consumer spending gauge in the United States also provided a market boost.

All counters were in the positive territory, led by the 2.29-percent surge in share prices of mining and oil.

Volume of transactions reached 1.23 billion shares valued at P9.98 billion.

Advancers dominated decliners, 95 to 59, while 50 issues were unchanged.

The day’s top gainers were led by Berjaya Philippines Inc., Central Azucarera de Tarlac Inc., Ever-Gotesco Resources and Holdings Inc., Victorias Milling Company Inc. and RFM Corp. (PNA)