|
PHILIPPINE share prices closed higher Monday on
expectations of better corporate earnings for the first quarter,
dealers said.
The composite index finished up
64.25 points at 3,319.01, its highest close since February 27 when
it settled at 3,331.29.
The broader all-share index rose
31.34 points or 1.51 percent to 2,103.62. There were 74 gainers and
34 losers, while 61 stocks were unchanged.
A total of 2.42 billion shares
worth P3.27 billion changed hands.
Investors shrugged off news that
the national government incurred a bigger-than-expected budget
deficit of P52 billion in the first quarter, as tax collections fell
short of target.
“I think the budget deficit
will be overshadowed by the good corporate results, the strong
interest in new stock offerings, and the peso’s sustained
strength,” said Gomer Tan of Regina Capital Development Corp.
“The breach of the 3,325-point
resistance will likely bring us back to the 3,400 level,” he
added.
“The strong advance on Wall
Street helped sustain the momentum in the local market,”
Unicapital Securities research head Ron Rodrigo said.
Top-traded Philippine Long
Distance Telephone Co. rose P60 to P2,575.00.
Conglomerate Ayala Corp. advanced
P10 to P600 while unit Ayala Land Inc. was up P0.75 at P17.75.
The food and beverage firm San
Miguel Corp.’s A-shares were steady at P65, while its B-shares
rose P0.50 to P74.
 --AFP
|
