PHL stocks extend rally

MANILA, Nov. 25 (PNA) — The Philippine equities market returned to the 7,000-level on Wednesday ahead of the release of the official third-quarter gross domestic product (GDP) figure.

The barometer stock index surged 66.54 points or 0.95 percent to 7,059.14 from previous day’s 6,992.60 finish.

In a market report, First Metro Investments Corp. (FMIC) and University of Asia and the Pacific (UA&P) said they expect heightened volatility prior to the Federal Reserve’s December meeting.

”Nevertheless, we continue to be constructive on the Philippine equities in the next 12 months as economic and earnings growth is projected to be brighter. Foreign fund outflows could exhaust post-Fed initial rate hike,” they said.

All counters advanced slightly.

Around 461.74 million shares valued at Php7.3 billion changed hands.

Advancers swamped decliners, 102 to 66, while 42 issues unchanged.

The day’s top active stocks were led by Bank of the Philippine Islands, Philippine Long Distance Telephone Company, Ayala Corp., Robinsons Land Corp. and SM Prime Holdings Inc. (PNA)