RP shares close 0.5% higher

Agence France-Presse

Posted at Feb 23 2009 12:58 PM | Updated as of Feb 24 2009 01:12 AM

Philippine share prices closed 0.5 percent higher Monday even though overall sentiment about the international economy remains bleak, dealers said.

The composite index rose 9.60 points to 1,891.04. The all-shares index added 0.4 percent to 1,223.77.

A total of 493.5 million shares worth P4.5 billion ($93 million) changed hands.

Decliners led gainers 43 to 32, while 43 other issues closed unchanged.

The peso averaged 48.25 to the dollar in morning trade.

"Investors remain tentative. They know the global economy is not yet out of the woods," Jonathan Ravelas of Banco De Oro told Dow Jones Newswires.

He said he expects the market to consolidate at the 1,850-1,900-point band.

San Miguel Corp. B shares rose 14.1 percent to P48.50 while A shares fell 5.6 percent to P8.50 after Japan's Kirin group signed a deal to buy a 43.2 percent stake in San Miguel's beer subsidiary.

Manila Electric Co. shares shed 3.3 percent to P88.50.