Market sustains rally

Philippine stocks continued their rally Wednesday, bolstered by prospects that an interest rate increase by the powerful United States Federal Reserve would come later rather than sooner, and as index heavyweights at home propped up the market.

The benchmark Philippine Stock Exchange index closed up 0.16 percent, or 12.25 points, to 7,722.79. The broader all-shares index was also up 0.19 percent to 4,593.29.

A total of 2.1 billion shares valued at P10.02 billion changed hands Wednesday. There were 90 companies that gained while 86 declined and 64 closed unchanged.

Subsectors were also mixed. Gainers were led by services, up 2.73 percent, followed by mining and oil, up 0.68 percent. Industrial and property companies closed in the red with a 0.34-percent decline.

Telecom giant Philippine Long Distance Telephone Co. jumped 4.9 percent to P2,140 per share, making it the most actively traded stock on the benchmark index.

This was followed by JG Summit Holdings, up 1.06 percent to P85.90; SM Prime Holdings, up 1.38 percent to P25.80; Ayala Land Inc., down 2.31 percent to P38.05, and Metro Pacfiic Investments Corp., up 2.97 percent to P6.59 per share. Miguel R. Camus