News Update PHL shares post strong gains on positive sentiments overseas

Philippine shares showed their strength Wednesday, driven by positive sentiments in US and Asian markets. The market “is very strong… we’re up more than one percent,” said Jovis Vistan, head of research and senior analyst at AB Capital Securities Inc. The main Philippine Stock Exchange index rose 65.55 points or 1.44 percent to close at 4,487.77. More than 3.230 billion shares valued at P5.828 billion changed hands in the session. Gainers led losers 119 to 49 and 39 issues closed unchanged. The market also got a boost from credit rating agencies, Vistan said, noting that Fitch Ratings affirmed the country’s US dollar global bonds with a “BB+” rating. “Asian stocks rose on Wednesday as investor risk appetite returned after upbeat US and European economic data improved the global growth outlook, but the euro's gains were short-lived due to deep-set worries over the European debt crisis,” according to a Reuters report. “US stock indexes rallied sharply, hitting multi-month highs,” Reuters said in a separate report, adding that “The Dow Jones industrial average climbed as much as 2.15 percent, hitting its highest since July, before paring gains to 1.8 percent.