Philippines shares jump

Philippines share prices closed 0.66 percent higher on Tuesday, extending gains as investors continued to buy up stocks expected to report robust 2004 profits, dealers said. They said interest in property stocks and sustained interest in mining shares also boosted market turnover, although bouts of profit-taking in select companies emerged. The Philippine Stock Exchange composite index added 13.24 points to 2,030.08. It traded between 2,016.84 and 2,039.57.
Turnover totalled 2.68 billion shares worth 1.9 billion pesos (34.67 million dollars) compared to 2.87 billion shares worth 2.07 billion pesos on Monday.
The broader all-shares index gained 1.79 points to 1,178.94.
Gainers beat losers 60 to 46, with 36 stocks unchanged.
"The market is technically on the selling side, but investors remain in a buying mode," said Accord Capital Equities analyst Ron Rodrigo.
He said positioning in companies with strong earnings potential for both 2004 and 2005 had led to continued buying, even though many shares were now considered expensive.
"There is optimism in the economy, and that sentiment has not changed, despite some minor corrections along the way," Citiseconline.com analyst Mark Alan Canizares said.
Reports that the government's main revenue-collecting agencies, the Bureau of Internal Revenue and Bureau of Customs, exceeded their revenue goals for January gave investors "more conviction" about buying, Canizares added.
Raising government revenues is a key factor in reducing the country's large budget deficit, which has been a source of concern for foreign investors.
Top-traded Philippine Long Distance Telephone ended down 15 pesos to 1,405 pesos.
Semirara Mining fell one peso to 49.50 pesos. Metropolitan Bank and Trust Co added 50 centavos to 33.50 pesos, while Bank of the Philippine Islands gained 50 centavos to 57.00 pesos.
Ayala Corp rose 20 centavos to 8.10 pesos, while unit Ayala Land gained 20 centavos to 9.60 pesos. Pilipino Telephone was down 25 centavos to 3.50 pesos, while Globe Telecom declined by five pesos to 940 pesos.
San Miguel A, limited to local investors, gained 50 centavos to 58.00 pesos. San Miguel B, available to foreigner investors, was up one peso to 78.50 pesos.