RP shares close 2.6 percent higher


Posted at Jun 16 2008 02:03 PM | Updated as of Jun 16 2008 10:03 PM

Agence France-Presse

Share prices closed 2.6 percent higher on Monday, extending gains for a second straight session after Wall Street's rise and a drop in crude oil prices, dealers said.

The composite index added 66.01 points to 2,620.76, just off the day's high of 2,628.64.

The all shares index added 30.04 points to 1,658.50.

Fifty-eight shares advanced, 26 fell and 61 ended unchanged.

Turnover fell slightly to 2.89 billion pesos (65.12 million dollars) from 2.9 billion pesos on Friday.

The peso traded at an average of 44.441 to the dollar.

"Most issues are now at attractive levels, and investors are trying to average out their portfolios," Ron Rodrigo of DBP Daiwa Securities told Dow Jones Newswires.

"That is the most rational thing to do in a volatile market like this," he said.

Philippine Long Distance Telephone, the most active stock, added 40 pesos to 2,385.

Petron Corp. was unchanged at 6.20 pesos while Ayala Corp. gained 17.50 pesos to 300.

San Miguel A was unchanged at 41 pesos while San Miguel B rose 50 centavos to 42 pesos.