RP shares close up 2.7%

Agence France-Presse

Posted at Feb 06 2009 12:56 PM | Updated as of Feb 07 2009 12:36 AM

Philippine share prices closed 2.7 percent higher on Friday, lifted by the upturn in the US stock market, dealers said.

The composite index rose 50.41 points to 1,942.48 points while the all-shares index gained 1.96 percent to 1,244.63 points.

There were 66 gainers, 23 losers and 40 unchanged.

Volume turnover totalled 1.163 billion shares worth P2.675 billion ($56.6 million).

The local currency traded at 47.238 to the dollar.

"It's a technical rebound and it is also trailing Wall Street," said Lisha Alizer of DA Market Securities.

She said the markets were cheered by the "better-than-expected data from the US," such as the strong performance of some American companies.

But she warned that "we are still waiting for the US job loss data," ahead of the release of data expected to show further heavy job losses in the US economy.

Analysts predict the US economy shed about half a million non-farm payrolls in January.

International Container Terminal Services Inc. rose 2.13 percent to P12.00  while Manila Electric Co. gained 6.1 percent to P69.50.

Philippine Long Distance Telephone Co. rose 2.03 percent to P2,265.00.

San Miguel Corp. saw its A shares remain unchanged at P40 while its B shares were also unchanged at P40.50.