RP shares extend rally

ABS-CBN News

Posted at Feb 09 2009 01:41 PM | Updated as of Feb 09 2009 09:41 PM

Philippine share prices closed 0.5 percent higher Monday as the market continued its rally from last week, dealers said.

The composite index rose 8.98 points to 1,951.46 points while the all-shares index gained 0.2 percent to 1,247.27 points.

There were 38 gainers against 34 losers and 40 that were unchanged.

Volume turnover amounted to 594.75 million shares worth P1.49 billion ($31.7 million).

The local currency traded at 47.071 to the dollar.

"The market's rise is slowing, indicating that investors may have found some issues already pricey after last week's rally," Dow Jones Newswires quoted a local trader as saying.

The focus of the market was on the possible passage of the US stimulus package.

"It is an event worth waiting for," Jonathan Ravelas of Banco De Oro was also quoted as saying.

"The question on everyone's mind right now is: will the stimulus plan jump-start the biggest economy and help the world avoid a prolonged recession?"

PCCI Securities President Francisco Liboro said, meanwhile, investors had high hopes for an early global economic recovery.

"Many are looking forward to a recovery as soon as possible (with the aid of the stimulus package). The stimulus package is what drives foreign investors now," he said, noting that the local market recorded net foreign buying in the last three sessions.

The Manila Electric Co. gained 5.75 percent to P73.50.

However, SM Prime Holdings was unchanged at P7.60 while Philippine Long Distance Telephone Co. was unmoved at P2,265.

San Miguel Corp. saw its A shares remain unmoved at P40 while its B shares gained 1.2 percent to P41. With AFP