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LOCAL share prices closed higher Monday on bargain hunting after a
long Easter break, but trading was light as worries over the US
economy remained, dealers said.
The composite index rose 49.92 points to
2,867.50, off a high of 2,885.35.
The all-share index gained 23.47 points, or 1.4
percent to 1,759.17.
There were 56 advancers, 27 decliners and 48
were steady. A total of 738.1 million shares worth P2.2 billion
changed hands.
The peso traded at 41.63 to the dollar.
The market caught up with gains on Wall Street
last Thursday when the Dow Jones industrial average jumped 2.2
percent before traders took a break on Good Friday. Philippine
markets were closed on both Thursday and Friday for the Easter
holidays.
“But investors remain uneasy ahead of a slew
of US economic data coming out this week. They are still
uncomfortable getting back into the market after recent sell offs
triggered by a worsening credit crisis in the US,” said Ron
Rodrigo at DBP-Daiwa Securities.
Investors will be keeping an eye on US housing
and consumer confidence data due out this week, they said.
Philippine Long Distance Telephone Co., the
country’s biggest firm by market value, rose P35 to P2,670.
Property developer Megaworld Corp. advanced 12
centavos to P2.26, following a recent sell off.
Food and drinks conglomerate San Miguel
Corp.’s A-shares, reserved for Filipinos, were steady at P40.50.
Its B-shares, which have no ownership restriction, rose P1 to P42.
-- AFP
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