The Philippine stock market opened the week with a rally, coming from a shortened trading week.

The Philippine Stock Exchange index (PSEi) closed at 6,078.03, up by 88.76 points or 1.48 percent while the broader All Shares index gained 29.10 points or 0.89 percent to close at 3,292.15.

Most of the other gauges finished in the green with only the industrial ending in the red zone.

Total value turnover reached P4 billion. Market breadth was positive, 87 to 86 while 51 issues were unchanged.

'Investors bought into the market ahead of a heavy economic data filled week including preliminary consumer sentiment report from the University of Michigan as well as speaking engagements of US Federal Reserve officials, said Luis Limlingan of Regina Capital.

Major Asian currencies and stock markets surged yesterday as the dollar declined and markets priced in early interest rate cuts in the United States and Europe, with investors waiting for key economic data from major countries in the region.

The dollar index which fell more than one percent last week to a six-week low, was trading little unchanged at 105. The recent dollar slide, along with bets that local central banks would keep rates higher for some time, are making emerging Asian currencies potentially interesting to foreign investors.

A slate of economic data from some major regional economies is expected to further set the tone for Asian markets in the week. China will release its import and export figures for October on Tuesday and also bank lending and credit and key consumer price inflation(CPI) data on Thursday.

Analysts added signs of deflationary forces could possibly dampen the recent rally that Asian FX staged post the Federal Reserve meet and US non-farm payrolls data.

China's yuan was muted in trading and was more or less unchanged. China's shares surged 0.8 percent to a more than two-week high.

Annual economic growth slowed more than expected in the third quarter to its weakest in two years, official data from Indonesia, the largest economy in South-East Asia reported on Monday. The rupiah surged 1.1 percent to 15540 and was set for its best day since March 24.

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