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LOCAL share prices closed up sharply Thursday as oil prices slid and
the peso gained strength, dealers said.
The composite index added 72.97 points to
2,535.91. The all-share index rose 2.3 percent to 1,594.29 points.
There were 89 advancers compared with 16
decliners and 49 that were unchanged.
Turnover amounted to P2.934 billion from P2.503
billion on Wednesday.
“The main catalyst was the oil price. Any
further decline in oil price should support a stronger market,”
said George Ching of Citiseconline.
“As a result of the decline in oil prices, the
local currency has also strengthened so in a way, this will prevent
further portfolio outflows,” he added.
Philippine Long Distance Telephone Co. rose 1.04
percent to P2,420.
Megaworld Corp. rose 8.9 percent to P1.46 while
Metropolitan Bank and Trust Co. rose 2.85 percent to P36.
Banco de Oro Unibank rose 3.85 percent to
P40.50.
San Miguel Corp. saw its A shares unchanged at
P42.50 while its B shares rose 1.16 percent to P43.50.
At the Philippine Dealing System, the peso rose
back to the 43-to-a-dollar level, but shed gains by the day’s end,
closing at 44.230 against the greenback.
The local currency opened strong at 43.950.
Trading volume however eased to $884 million from Wednesday’s
$1,467.5 million.
“It’s because of profit taking and continued
volatility of oil prices,” Marcelo Ayes, Rizal Commercial Banking
Corp vice president, said.
The peso is expected to move sideways to a range
of 43.70 to 44.50 against the dollar this week.
“The peso has reacted in euphoric way [in
Wednesday] and there is still market volatility,” Ayes said.
-- AFP and Maricel E. Burgonio
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