Philippine stocks recover on Wall Street's gains

The Philippine stock market rallied on Wednesday, tracking the movements of U.S. equities.
The bellwether Philippine Stock Exchange index gained 0.38 percent, or 26.57 points, to 7,093.31, while the broader all-share index rose by 0.53 percent, or 22.26 points, to 4,189.48.
Trading volume reached 11.12 billion shares worth 7.64 billion pesos (170.64 million U.S. dollars) with 107 stocks advancing, 72 declining, and 34 were unchanged.
All six counters were up.
"Investors took their cue from Wall Street's advance on Tuesday, " analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.
The Dow Jones industrial average index posted a gain of 187 points, ahead of the U.S. Federal Reserve's policy announcement.
Other investors, online brokerage 2TradeAsia.com said, might have been encouraged by improving economic estimates at home, following forecasts from the central bank.
"Check for supply pressure on rallies, as momentum has yet to improve," it said.
Stocks in the 30-company index were mostly up. Among those that rallied were Ayala Land, Inc., SM Investments Corp., and Alliance Global Group, Inc.