Stocks extend gains despite global concerns

Philippine stocks traded higher Wednesday despite mounting global growth concerns.

The bellwether Philippine Stock Exchange index rose 8.11 points, or 0.24 percent, to close at 6,241.69, while the broader all-shares index inched up 1.17 percent to settle at 3,368.25.

Regina Capital Development Corp. head of sales Luis Limlingan said the market still managed to eke out gains despite rising oil prices after Saudi Arabia and Russia extended their voluntary supply cuts.

Investors also ignored growing concerns on the global economy after the release of weak economic data from China and Europe.

Trading value remained thin at P3.36 billion.