Philippines share prices rose 1.63 percent on Tuesday to another record finish as investors cheered a strong showing on Wall Street overnight and looked forward to strong upcoming quarterly results, dealers said. They said that after a recent pullback, there was an element of select bargain hunting to provide additional support.
The composite index jumped 60.31 points to a record 3,751.99, coming off the all-time intra-day high of 3,760.49. The broader all-share index gained 33.41 points to 2,398.22. Gains led declines 106 to 24, with 41 stocks unchanged. Turnover was 2.5 billion shares worth 5.9 billion pesos (128.8 million dollars). The peso traded at 45.785 to the dollar.
There was fresh interest in some of the large-caps and select second- and third-line stocks after last week's losses, said Chase Yap of 2TradeAsia. Yap said investors anticipating solid corporate earnings for the second quarter have also started accumulating stocks.
"There is renewed confidence in the market but we will have to watch over the next few days to determine if the market is ready for a new and sustainable breakout level," said James Lago of Westlink Global Equities. The day's biggest gainers were market leader Philippine Long Distance Telephone which added 50 pesos to 2,700.
Ayala Corp gained five pesos to 550. Its telecom unit Globe Telecom added 50 centavos to 1,400 pesos while property unit Ayala Land was up 75 centavos at 17.75 pesos. San Miguel Corp saw its A shares steady at 73.50 pesos but its B shares gained one peso to 83.
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