Philippines share prices closed 0.29 percent higher Monday with sentiment lifted by gains in Asian bourses despite a weak lead from the US, dealers said. The composite index added 8.54 points to 2,941.53 while the all shares index gained 4.51 points or 0.24 percent to 1,852.54.
A total of 1.47 billion shares worth 2.90 billion pesos (61.85 million dollars) changed hands with 62 issues up, 45 down and 57 unchanged. The peso traded at an average of 46.952 to the dollar. "We don't see any new (local) driver for the market. Hopefully, third-quarter earnings could spur our interest," Jose Vistan of AB Capital Securities told Dow Jones Newswires.
With upbeat economic data in South Korea turning into Monday's main impetus here, dealers said further consolidation was expected in the near term within the 2,900-2,950-point range. Philex Mining rose 4.17 percent to 10 pesos while First Philippine Holdings added 8.14 percent to 46.50 pesos. Philippine Long Distance Telephone lost 0.96 percent to 2,575 pesos.