Good economic news extend RP stock gains

MANILA, Philippines - Philippine share prices on Monday extended their gains as investors found more reason to return to the bourse after the crisis was already seen to be bottoming out. The bellwether 30-company Philippine Stock Exchange index rose 34.12 points or 1.6221 percent to 2,137.62. The all shares climbed 15.13 points or 1.1127 percent to 1,374.91. Similarly, market breadth was positive. Gainers trampled losers, 63 to 30, while 42 stocks were unchanged. Save for property, which slid 0.4681 percent, all the other five sub-indices closed in the green, led by financials’ 3.8747-percent gain and holding firms’ 2.5681-percent rise. Volume traded reached 2.29 billion stocks worth about P2.25 billion. Positive economic news overseas and the lack of surprises in the local front are strengthening market optimism, analysts said. Rising metal and crude prices indicate that the global economy is improving, Grace Cerdenia, managing director at online stock portal 2TradeAsia, said. "We are anticipating a short-term gradual climb of the market," she said. Telecommunications giant Philippine Long Distance Telephone Co., the day's most active, dipped P5 or 0.2288 percent to P2,180. Property giant Ayala Land Inc. dropped P0.20 or 3.125 percent to P6.20 while parent Ayala Corp. surged P12 or 5.4299 percent to P233. Alternative power producer PNOC-Energy Development Corp. leaped P0.15 or 4.1667 percent to P3.75. Metropolitan Bank & Trust Co., one of the country's largest lenders in terms of assets, soared P2 or 6.6667 percent to P32. - Cheryl M. Arcibal, GMANews.TV