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SHARE prices closed higher Thursday amid hopes that
the central bank would trim its policy rates, dealers said. Higher
import growth in November also spurred buying interest because this
signaled continuing brisk exports in the coming months, they said.
The composite index added 30.44
points to 3,275.19. It moved between 3,254.53 and 3,292.84. The
broader all-shares index was up 17.80 points at 2,016.05.
Gainers beat losers, 76 to 34,
while 65 stocks ended unchanged.
Volume was 2.3 billion shares
worth P4.8 billion.
Dealers said strong fund inflows
chased select blue chips led by market heavyweight Philippine Long
Distance Telephone Co. (PLDT) and SM Investments Corp.
“There’s too much money
chasing too few index issues at the moment. Foreign investors are
evidently very bullish about the Philippines, and their interest
extends to issues outside of the main index,” James Lago of
Westlink Global Equities Inc said. “Expectations of a cut in the
central bank’s key interest rates drove investors to buy stocks.
Positive developments in several corporates also inspired buying,
with the play focused on select stocks,” said Chelsea Dipasupil at
RCBC Securities Inc.
Dealers said investors were
optimistic the central bank would cut its key interest rates.
They said a rise in the
country’s merchandise imports in November also fueled buying.
The National Statistics Office
said imports in November grew 13.4 percent from a year earlier to
$4.508 billion, after rising 12.5 percent in the previous month,
driven mainly by increased orders for electronics and fuel products.
“November imports were much
stronger than expected, which produced a wider-than-expected trade
deficit,” Tim Condon of ING Financial Markets Research said.
“The fastest pace of import
growth in three months is a hopeful sign for future exports;
two-thirds of imports are used in electronic exports,” he said.
Top-traded PLDT finished P55
higher at P2,795. Rival Globe Telecom Inc. rose P10 to P1,295.
Ayala Corp. was up P5 at P625.
Manila Electric Co.’s A shares rose P2 to
P71.50 while its B shares
advanced P1 to P72.50.
--AFP
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