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LOCAL share prices closed sharply higher on Friday, as a solid
upturn on Wall Street overnight encouraged local bargain-hunters,
dealers said.
They said gains in New York came after the White
House and political leaders began finalizing an economic stimulus
plan aimed at averting a US recession.
The composite index rose 89.99 points to close
at 3,237.41 off a high of 3,243.60.
It was the third straight day for the market to
go up, following a seven-day slide that brought the index to its
lowest levels since August last year.
The broader all-share index advanced 42.21
points, or 2.2 percent, to 1,981.39.
There were 79 advancers and 30 decliners, while
61 were unchanged.
Volume amounted to 2.1 billion shares valued at
P4.1 billion.
The local currency traded at 40.967 to the
dollar.
“The market’s recovery is in line with the
recovery of the regional markets,” said Lawrence de Leon of Accord
Capital Equities.
“Confidence is returning on expectations that
the US Fed will again cut its key rates when it meets next week.”
But uncertainty over the US economy is still
evident, with continued selling by foreign funds, said Francisco
Liboro of PCCI Securities.
“Fund managers are opting to cash out from
regional markets in their efforts to build in-house liquidity, but
increased domestic liquidity has been finding its way into equities,
blunting the effects of foreign selling so far,” he said.
Philippine Long Distance Telephone Co. rose P130
to P2,800. Metropolitan Bank and Trust Co., the country’s biggest
bank by assets, gained P2.50 at P46.50.
Bank of the Philippine Islands, the country’s
biggest bank by market value, rose P1.00 to P60.50. Banco de Oro was
up P1.00 at P54.
Manila Electric Co. gained P5.00 at P79.
Food and drinks giant San Miguel Corp.’s
A-shares, reserved for Filipinos, fell P1.50 to P54.50. Its
B-shares, which have no ownership restriction, lost P1.00 to close
at P55.
-- AFP
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