Philippines share prices closed 0.22 percent higher on Monday on follow-through buying in select blue chips set to report earnings results, dealers said. With a public holiday on Wednesday and a shortened trading week, investors were also realising some early profits, they added.
The composite index added 5.82 points to 2,708.19 after trading between 2,702.37 and 2,719.47. The broader all-share index rose 2.48 points to 1,666.13. Losers outnumbered gainers 49 to 38 with 57 unchanged. Turnover totalled 1.29 billion shares worth 3.33 billion pesos (66.6 million dollars).
The Philippine peso traded at 49.80 to the dollar. Dealers said follow-through interest in blue chips Philippine Long Distance Telephone Co (PLDT) and Megaworld Corp ahead of their third-quarter results helped lift the market.
"We expect more positioning ahead of the third-quarter results, but at the same time we don't rule out the possibility of short-term profit-taking," Accord Capital Equities analyst Lawrence de Leon said.
"The market is probably taking a breather also because we have a shortened trading week," he added. Philippine financial markets will be closed on Wednesday for a public holiday. Most actively traded PLDT jumped 50 pesos to 2,360.00.
PLDT has said it expects its results for the three months to September, which will be released on November 7, to show gains from a stronger peso. Property developer Megaworld rose eight centavos to 2.36 pesos. Rival Ayala Land Inc fell 50 centavos to 15 pesos and parent Ayala Corp was down five pesos at 495 pesos. Food and beverage firm San Miguel Corp's A-shares were steady at 66.50 pesos but its B-shares rose 50 centavos to 74.50 pesos.
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