RP shares close 5.11% higher

Agence France-Presse

Posted at Aug 24 2009 01:16 PM | Updated as of Aug 24 2009 09:16 PM

MANILA - Philippine share prices surged Monday to close 5.11% higher, lifted by a rally on Wall Street and positive economic developments in the United States, dealers said.

The composite index gained 139 points to close at 2,859.18 while the all-shares index jumped 3.79% to 1,810.36.

There were 97 gainers against 18 losers and 46 that were unchanged.

Turnover amounted to 2.437 billion shares worth P4.215 billion ($87.2 million).

The local currency traded at 48.311 to the dollar on Monday morning.

"We are playing catch up. We were closed on Friday," so the Philippine market is only reacting to the run-up on Wall Street on Monday, said Jose Vistan of AB Capital Securities Inc.

"The Dow Jones (index) made a new 2009 high," on Friday. "That strong run-up pulled Asia up" as well, Vistan told AFP.

US Federal Reserve chief Ben Bernanke's comments about the US economy having good prospects for recovery, "also helped the market," he added.

Philippine Long Distance Telephone Co. jumped 4.78% to P2,520 while the Manila Electric Co. grew 12.24% to P220.

Megaworld Corp. rose 14.5% to P1.42 while Ayala Land rose 3.09% to P10.