Philippines share prices closed 0.6 percent higher on Monday as investors hunted for bargains, dealers said. The composite index rose 15.76 points to 2,599.99 points. The all-share index gained 0.5 percent to 1,632.89 points. There were 47 advancers compared to 36 decliners. 53 stocks were unchanged.
Turnover amounted to 1.176 billion pesos (27.3 million dollars) from 1.694 billion pesos on Friday. The local currency amounted to 44.21 to the US dollar. "Our market is showing some resilience (despite a weaker Wall Street and high oil prices Friday), trying to break above the 2,600 level," Westlink Global Equities Chairman Rommel Macapagal told Dow Jones Newswires.
PLDT gained 1.6 percent to 2,530 pesos ahead of its second quarter earnings due Tuesday. Ayala Land was up 2.5 percent at 10.25 pesos. The company is due to report its second quarter earnings on Friday. San Miguel A shares were unchanged at 43.50 pesos while its B shares were up 1.14 percent at 44.00 pesos.