Philippine share prices closed 1.6 percent higher on Monday as investors bought into blue chip stocks, dealers said. The composite index rose 34.12 points to close at 2,137.62 while the all-shares index put on 1.1 percent at 1,374.91. A total of 2.29 billion shares changed hands worth 2.24 billion pesos (46.5 million dollars). Advancers led losers, 63 to 30 while 42 issues closed unchanged.
The peso traded at 48.l1 to the US dollar in early trade from Friday's close of 48.35. "We're seeing improved investor sentiment. The contributing factors include improving earnings and slowing inflation," Chelsea Dipasupil at RCBC Securities told Dow Jones. Gainers were led by Ayala Corp which added 5.4 percent at 233 pesos and geothermal producer Energy Development Corp, which rose 4.2 percent to 3.75 pesos. Metropolitan Bank and Trust Co added 6.7 percent to 32 pesos.