Philippine stocks continue rise

MANILA, Philippines—Local share prices rose for the third consecutive trading session on Monday as bargain-hunting helped counter the effects of Europe’s lingering debt crisis and the possibility of a US recession on investor confidence.

The Philippine Stock Exchange index (PSEi) gained 31.32 points, or 0.78 percent, to close at 4,040.58 at the end of trading despite opening in the red and falling below the 4,000 mark.

All subindices closed in the green, led by mining and oil, which rallied 2.14 percent, or 445.60 points, to 21,226.07, and financials, which jumped 1.34 percent, or 12.18 points, to 919.15.

The industrial and services sectors gained 0.48 percent, or 31.91 points, to 6,744.91 and 0.36 percent, or 5.06 points, to 1,411.59, respectively. Property added 1.16 percent, or 16.29 points, to 1,416.79, while holding firms climbed 0.99 percent, or 31.34 points, to 3,201.26.

The day’s 95 advancers outnumbered decliners by about two to one while 40 stocks were unchanged.

“The local market finished higher despite the unrelenting European debt crisis and the expected recession of the US economy,” said a local trader.—Paolo G. Montecillo