MANILA - Philippine shares opened higher Wednesday morning, led by gains in Metro Pacific Investments and Ayala Land.
The main index rose 0.47 percent to 8,061.83 as of 11 a.m.
Metro Pacific shares are up 1.63 percent to P7.46 after no other company submitted a comparative bid before the Swiss challenge deadline on the North Luzon Expressway and South Luzon Expressway connector road.
Haj Narvaez, head of research at BPI Securities, said the P23 billion project should give Metro Pacific's shares a good boost.
READ: Metro Pacific secures NLEX-SLEX road project
"A lot of the disparity between the market's price and their internal valuations is the toll roads. The fact that they've bagged this connector road project bodes well, and probably even how analysts are looking at the company," Narvaez told ANC's "Market Edge with Cathy Yang."
Ayala Land is trading higher by 1.37 percent to P40.75 after selling P8.3 billion worth of condominium units at its Park Central Towers project in Makati, which is being built where the Mandarin Hotel used to stand.
Corporate news including second quarter earnings have been driving trade for much of the week with the Philippine Stock Exchange index trading within a limited range of between 8,000 and 8,100.
Narvaez said there isn't any real reason to sell Philippine shares right now except for maybe a surprise in terms of interest rates at the Federal Reserve, which he said is unlikely.
He said there is also potential for further gains, even at these expensive share prices, because President Rodrigo Duterte has not gotten into the specifics of how he will execute his 10-point economic agenda.