Philippine stocks up more than 4 per cent on Wall Street gains

Business Materials 29 October 2008 09:11 (UTC +04:00)

Philippine share prices rose 4.47 per cent on Wednesday as investors snapped up bargain stocks following overnight gains in Wall Street, reported dpa.

The 30-share composite index of the Philippine Stock Exchange added 76.23 points to close at 1,780.64 from Tuesday's finish of 1,704.41.

A total of 1.158 billion shares worth 2.319 billion pesos (47.32 million dollars) were traded.

Gainers led losers 87 to 27, while 41 issues were unchanged.

Traders said investors took advantage of positive market sentiment following the Dow Jones' 11-per cent gain overnight on Tuesday to buy oversold stocks.