Stocks up on Fed easing hopes


Posted at Oct 06 2010 01:32 PM | Updated as of Oct 06 2010 09:32 PM

MANILA, Philippines - Local stocks rose to a fresh all-time high on Wednesday, following a strong lead from Wall Street, on hopes that the US Federal Reserve would employ new measures to aid recovery of the world's biggest economy.

The Dow Jones Industrial Average soared 1.8% overnight, lifting Asian markets.

At home, the benchmark Philippine Stock Exchange composite index rose 25.03 points or 0.6% to 4,196.73.

The broader all-share index went up 17.57 points or 0.67% to 2,640.09.

All subindices were in green, led by the mining and oil sector, which jumped 2.72%.

Gainers trounced losers, 77 to 63, while 45 issues were unchanged.

A total of 2.36 billion shares worth P6.07 billion were traded.