MANILA, Sept. 3 -- The Philippine stock market closed higher on Monday following the rally of U.S. stocks.
Wall Street rallied on Friday after Federal Reserve Chairman Ben Bernanke vowed that the central bank will explore more strategies to stimulate U.S. economy.
The bellwether Philippine Stock Exchange index gained 0.44 percent, or 22.89 points, to close at 5,219.08, while the broader all-share index rose by 0.20 percent, or 7.02 points, to 3,455.29.
Trading volume reached 1.67 billion shares worth 4.28 billion Philippine pesos (101.58 million U.S. dollars) with 88 stocks advancing, 69 declining, while 30 were unchanged.
Of the six counters, only the industrial sector bucked the trend.
2TradeAsia.com said local investors took their cue from the performance of the Dow Jones industrial average last Friday.
The Dow Jones industrial average rose 90 points after Bernanke issued his statements.
2TradeAsia.com also said local investors have remained upbeat over the performance of the Philippine economy which grew 6.1 percent in January to June.
Stocks in the 30-company index were mostly up.
Among the most actively traded issues were Metropolitan Bank and Trust Co., Alliance Global Group, Inc., and heavyweight Philippine Long Distance Telephone Co.
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