Stock market hits 19-mo. high

MANILA, Philippines – Local stocks rallied for the second straight day Wednesday to breach the 3,000 psychological barrier for the first time this year, supported by an upbeat trading on Wall Street and a sustained buying frenzy in the country’s largest mining firm, Philex Mining Corp.

The main-share Philippine Stock Exchange index rose by 1.68 percent to close at 3,047.14—the highest in over 19 months. This rally, fueled by late-session buying, was seen by stock analysts as a bullish breakout.

Nearly a third of the P5.44 billion worth of trades in the stock market was fueled by speculative buying on Philex Mining, which closed 8.3-percent higher at P19.50 after hitting a new record high of P19.75 yesterday.

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