Philippines share prices closed 0.4 percent higher on Monday as investors cheered the agreement of a 700 billion-dollar rescue package for the stricken US financial sector, dealers said. The composite index added 10.35 points to 2,607.58.
The all shares index added 0.7 percent to 1,648.30 points, with 44 issues up, 33 down and 55 unchanged. Turnover was thin at 1.5 trillion shares worth 2.14 billion pesos (45.65 million dollars) as investors judged scrips to be overbought after a four-day rise.
The peso traded at 46.873 to the dollar in the morning. "All eyes are on the US financial bailout; this will set the market mood for the rest of the week," Dow Jones Newswires quoted Ruth Dianne So of Unicapital Securities as saying in a written note. So sees the index ceiling this week at 2,630 points with profit-taking likely in the coming sessions after share prices rose close to six percent over the past week.
Philippine Long Distance Telephone fell 0.6 percent to 2,685. Energy Development Corp rose 2.4 percent to 4.30 pesos. San Miguel Brewery jumped 6.8 percent to 11.75 pesos, while parent San Miguel A added 5.2 percent to 61 pesos and San Miguel B advanced 5.1 percent to 62 pesos. Dealers said easing local inflation pressure would help lift consumer sales for Southeast Asia's largest food and beverage group.
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