Philippines share prices closed stronger for a third-straight session on Monday, rising 1.79 percent to a three-week high as concerns over inflation eased on the back of the peso's gains against the dollar, dealers said.
The Philippine Stock Exchange composite index added 41.66 points to 2,371.10, the day's high and its best level since August 7 when it closed at 2,378.63. It hit an intra-day low of 2,334.57 points.
The broader all-shares index rose 19.30 points to 1,475.23. Gainers beat losers 76 to 32, with 46 stocks unchanged. Volume was 9.53 billion shares worth 2.84 billion pesos (55.68 million dollars). On the Philippine Dealing System, the peso touched a four-week high of 50.53 to the dollar on the back of strong remittances from overseas Filipino workers and foreign fund inflows.
"The equities market's momentum is intact with the stronger peso and lower oil prices further boosting investor confidence," Accord Capital Equities analyst Lawrence de Leon said.
"Volumes have also improved so this rally may be sustained but a correction is also possible in the short-term," de Leon added. Top-traded Philippine Long Distance Telephone rose 35 pesos to 1,960. Globe Telecom was up 20 pesos to 1,015.
Ayala Land advanced 75 centavos to 14.25 pesos and SM Investments gained three pesos to 223. San Miguel A and B shares fell 50 centavos each to 65 pesos and 70.50 pesos, respectively.