PSEi extends rally on back of Wall Street gains

The Philippine Stock Exchange index rose Friday on the back of hefty gains on Wall Street. The PSEi added 27.58 points or 0.66 percent to close at 4,176.48, according to the PSE online market information as of 12:10 p.m. More than 696 million shares valued at P5.506 billion changed hands. There were 66 advancers, 50 decliners, and 58 unchanged issues. "Local stocks continued to rise Friday as the US market posted strong gains," said analyst Prince Anthony Yeung of AB Capital Securities Inc. In New York Thursday, the Dow Jones Industrial Average rose 106.63 points or 1 percent to finish at 11,362.41 due to strong retail sales and healthy reading on the housing market. The confirmation from the European Central Bank that it will continue to offer loans banks need at a very low rate added to the optimistic mood of investors, said an analyst of First Metro Securities Brokerage Corp. -- JE/OMG, GMANews.TV