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Philippine share prices surged Monday to close 5.11 percent higher,
lifted by a rally on Wall Street and positive economic developments
in the United States, dealers said.
The composite index gained 139 points to close
at 2,859.18, while the all-shares index jumped 3.79 percent to
1,810.36.
There were 97 gainers against 18 losers and 46
that were unchanged.
Turnover amounted to 2.437 billion shares worth
P4.215 billion ($87.2 million).
At the Philippine Dealing System, the peso
however ended Monday hardly changed at 48.430 to the dollar from
Thursday’s closing price of 48.320, with volume falling to $472.2
million.
“We are playing catch up. We were closed on
Friday,” so the Philippine market is only reacting to the run-up
on Wall Street, said Jose Vistan of AB Capital Securities Inc.
“The Dow Jones [index] made a new 2009
high,” on Friday. “That strong run-up pulled Asia up” as well,
Vistan told Agence France-Presse.
US Federal Reserve chief Ben Bernanke’s
comments about the US economy having good prospects for recovery,
“also helped the market,” he added.
Philippine Long Distance Telephone Co. jumped
4.78 percent to P2,520, while the Manila Electric Co. grew 12.24
percent to P220.
Megaworld Corp. rose 14.5 percent to P1.42,
while Ayala Land rose 3.09 percent to P10.
Other bourses
climb further
Other Asian markets climbed higher, powered by
fresh hopes for a global economic recovery after gains in Europe and
Wall Street as well as stronger commodity prices brightened
sentiment.
Tokyo drove 3.35 percent higher and Sydney
gained 3.16 percent, as firmer copper prices lifted mining
companies.
Hong Kong added 1.67 percent.
Investors also saw further evidence of a
stabilizing Chinese market as Shanghai added 1.10 percent after
recent sharp falls on overheating fears.
However, analysts said the buoyant mood would be
tested by new US data this week, including a second preliminary
estimate of US gross domestic product (GDP) for the second quarter
on Thursday.
The Nikkei-225 climbed 342.85 points to
10,581.05.
The market is approaching a 10-month closing
high of 10,597.33 seen on August 14.
“The investor mood brightened over the
weekend,” Yukio Takahashi, market analyst at Mizuho Securities,
told Dow Jones Newswires.
Mining stocks and trading houses rose on hopes
that demand for raw materials will get a boost from a global
economic recovery.
Inpex climbed 5.4 percent to 758,000 yen and
Mitsubishi Corp. advanced 3.9 percent to 1,914 yen.
Electronics and auto makers also gained as the
dollar rebounded against the yen. Toyota Motor rose 2.3 percent to
4,070 yen and Honda Motor added 3.2 percent to 3,050 yen.
The Hang Seng Index finished the session 336.92
points higher at 20,535.94.
The Shanghai Composite Index, which covers A and
B shares, was up 32.66 points at 2,993.43.
The Straits Times Index put on 67.47 points to
2,612.33.
-- AFP
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