Philippines share prices closed 0.25 percent higher at a fresh record on Monday following another rally on Wall Street last Friday, though profit-taking trimmed early gains, dealers said. The composite index added 9.26 points to 3,680.55. During the session it hit a new trading high of 3,707.32. The all-share index rose 5.38 points to 2,330.17.
There were 71 gainers and 49 losers, while 51 stocks were unchanged. A total of 3.65 billion shares worth 9.35 billion pesos (203.26 million dollars) changed hands. "The market's still got momentum because of Wall Street's strong gains last Friday, but we encountered resistance at the 3,700 level," said Rommel Macapagal of Westlink Global Equities.
He said investors would likely consolidate gains in the next session while waiting for fresh leads. Major winners include Metropolitan Bank, the country's largest lender, which jumped 2.50 pesos to 74.50. Philippine Long Distance Telephone or PLDT, the nation's biggest telecom firm, fell 55 to 2,650. Ayala Land added a peso to 18.75. San Miguel A gained 50 centavos to 67.50 pesos, while San Miguel B rose one peso to 74.50.