Local stocks extend gains

By Maiki Oreta, ABS-CBN News

Posted at Dec 03 2010 01:18 PM | Updated as of Dec 03 2010 09:34 PM

MANILA, Philippines - The stock market capped the week on a positive note, with the key index up 0.7%.

Traders said investor sentiment remained upbeat following rosy housing data in the US and the European central bank's plan to continue buying government bonds to ease the eurozone debt crisis.

The key Philippine Stock Exchange index rose 27.58 points to 4,176.48, while the broader all-share index advanced 14.45 points or 0.5% to 2,864.76.

Today's gains bring the market's week on week rise to 3%.

Except for the mining and oil sector, all subindices ended in green.

Gainers beat losers, 66 to 50, while 58 issues were unchanged.

A total of 696.9 million shares worth P5.5 billion were traded.

Alliance Global and Aboitiz Power have been the top 2 traded stocks for a third session in a row.

Alliance jumped 4.18% while Aboitiz Power lost 1.12%.

Third most active was Philippine Long Distance Telephone Co., which inched up by a tenth of a percent to P2,420 each.