Philippine stocks up 1.47%

MANILA, Philippines—Local shares opened the week in the green with the benchmark Philippine Stock Exchange index (PSEi) up 1.47 percent, or 61.05 points, to close at 4,214.45, extending one of the longest rallies since the start of the year.

This marked the seventh straight day that the main index has closed higher. The PSEi also breached the 4,200 mark for the first time in three weeks.

The broader all-share index climbed 0.95 percent or 27.84 points to 2,970.91 as all sub-sectors gained, led by mining and oil, which surged 3.04 percent. Manila Mining Corp. and Lepanto Consolidated Mining were the day’s two most actively traded shares, rising 10.9 percent and 3.7 percent, respectively. Manila Mining was also among the day’s top gainers.

The mining sector was followed by property shares, which rallied 2.34 percent. Holding firms and financials were also up 2.3 percent and 1.37 percent, respectively. Advancers trumped decliners, 106 to 40, while 32 stocks ended unchanged.

Local brokerage firm Accord Capital Equities said investors were likely to stay optimistic for the rest of the week.

Originally posted at 03:51 pm | Monday, October 17, 2011