Philippines share prices closed 1.05 percent higher at a five-month peak on Monday as investors bought into companies seen to have boosted profits for the three months to September, dealers said.
They said the performance was also in line with solid regional gains after Wall Street ended last week with another record close. The composite index closed up 26.95 points at 2,584.20, near the day's high of 2,588.08 and off a low of 2,554.07.
It was the index's highest finish since May 8 when it closed at 2,589.17. The all-share index rose 12.26 points to 1,583.67. Gainers led losers 57 to 26 with 62 stocks unchanged. Turnover totalled 1.37 billion shares valued at 2.24 billion pesos (44.8 million dollars).
"Market sentiment is generally bullish because of indications of stronger third-quarter results, positive economic data brought on by ongoing fiscal reforms and expectations that these will translate into an upgrade of the country's credit ratings soon," said Ron Rodrigo of Unicapital Securties. The peso's strength also continued to support buying in equities, since this means foreign exchange gains for blue chip stocks like Philippine Long Distance Telephone (PLDT), he said.
PLDT closed up 50 pesos at 2,250. The country's biggest telecommunications firm will announce its results for the three months to September on November 7.
Globe Telecom rose 15 pesos to 1,120. SM Investments, the most actively traded stock, edged up 2.50 to 262.50, after it reported that the central bank has approved in-principle its acquisition of additional shares in Equitable PCI Bank. San Miguel A-shares were steady at 66 pesos, while its B-shares fell by a peso to 75.50.
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