Philippine shares advance to near 28-month high

Philippine shares rallied Thursday fueled by further reactions to the May 10 elections, boosting the Philippine Stock Exchange index (PSEi) to a 28-month high and over the 3,300 resistance level. The PSEi gained 58.28 points or 1.78 percent to close at 3,327.69, the highest since Jan. 16, 2008. The market is moving – as expected – in relation to the election results, particularly for the president and the vice president, "which investors seem to accept," Harry Liu, president of Summit Securities Inc., told GMANews.TV. Expect the market to rally up to the 3,400 level until the new president and vice president are proclaimed, Liu said. The all-share index went up by 36.03 points or 1.76 percent to close at 2,080.54. More than 1.6 billion stocks worth P5.22 billion changed hands, with foreign investors selling P650 million more than they bought in the session. Gainers outpaced decliners 69 to 26, with 70 stocks unchanged. All subindices recorded gains, led by property stocks which rose by 58.87 points or 4.88 percent to 1,263.74. Holding firms gained 46.2 points or 2.21 percent, closing at 5,147.24, while financial stocks finished 10.01 points or 1.44 percent higher at 706.64. Industrial stocks also gained 1.27 percent or 64.53 points to 5,147.24, while service stocks went up by 1.16 percent or 17.21 points to finish at 1,503.73. Mining and oil stocks likewise added or 41.82 points or 0.47 percent, to close at 8,884.48. Top gainer Concrete Aggregates Corp.'s A stocks gained P7.50 to P38, while decliner ATN Holdings Inc.'s B stocks closed P1.10 lower to finish at P8.60. Most traded First Gen Corp. added 75 centavos to close at P11.25, while Philippine Long Distance Telephone Co. finished P15 higher to close at P2,495. —VS, GMANews.TV