Philippines share prices closed 2.63 percent higher on Monday as investors bought into blue chips expecting higher earnings for the second quarter, dealers said. Philippine Long Distance Telephone (PLDT) led the charge as investors also bought into some lower-liners, they said.
The composite index closed 61.27 points up at the day's high of 2,390.84, its highest level for the day and best finish since May 17 when it ended at 2,463.57. It traded at a low of 2,328.50. The all-shares index rose 30.25 points to 1,471.44.
Volume was 6.07 billion shares worth 1.8 billion pesos (34.6 million dollars). Gainers overwhelmed losers 72 to 24, with 46 stocks unchanged. "It's carry-over momentum from last week's strong rally, with the positive mood spilling over to small-caps ahead of the next batch of corporate results," said Rommel Macapagal of Westlink Global Equities.
PLDT, the most actively traded stock, jumped 70 pesos to 2,070. PLDT, which will announce its results on August 8, said last week that it had signed up 1.57 million new cellphone subscribers in the three months to June, bringing its customer base to 22.47 million. PLDT chairman Manuel Pangilinan has said the company's profits in the second quarter exceeded those in the preceding quarter. He did not elaborate.
Ayala Land rose 50 centavos to 13.75 pesos, while its parent, Ayala Corp, advanced 12.50 pesos to 425. Bank of the Philippine Islands (BPI) was up a peso at 54 and Metrobank gained 50 centavos at 39 pesos after both banks posted improved earnings for the first half.
BPI has announced that its first-half net profit was 4.6 billion pesos, up from 4.3 billion pesos a year earlier, driven by 15 percent growth in non-interest income.
Metrobank, meanwhile, has announced that its first-half net profit increased to 3.04 billion pesos from 2.25 billion a year earlier, driven by both interest income and trading gains. San Miguel A was steady at 66 pesos. Its B shares rose two pesos to 75.
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