Philippines share prices closed 1.05 percent higher on Wednesday to hit a seven-month high on expectations of another round interest rate cuts, dealers said. The composite index rose 24.18 points to close at 2,333.76, while the all-shares index rose 1.50 percent, or 22.40 points, to close at 1,506.40.
A total of 2.98 billion shares worth 3.66 billion pesos (77.21 million dollars) changed hands. Advancers trumped decliners 96 to 19, while 44 issues were unchanged. "The prospect of further monetary policy easing and sustained remittance growth bodes well for the property sector," Jose Vistan of AB Capital Securities told Dow Jones Newswires.
He said however that the market may be in for a correction soon, adding that "after the earnings season, there's nothing to sustain this rally." Property shares led the day's charge, with Megaworld putting on 5.4 percent to 97 centavos, Filinvest Land rising 13 percent to 76 centavos and Ayala Land putting on 4.0 percent to 7.80 pesos.
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