PSE index soars on positive developments abroad

Philippine share prices rallied Monday as Asian stock markets rebounded and concerns over Egypt eased with Hosni Mubarak's resignation over the weekend. The Philippine Stock Exchange index gained 47.58 points or 1.3 percent to close at 3,796.73, according to PSE's online market information as of 12:10 p.m. "All markets in the region were up. It was a welcome recovery from last week's decline. Tapos na rin yung concern sa Egypt," said trader Jasper Jimenez of Banco de Oro Securities Inc. Egypt's ruling army said Mubarak — who served as president for 30 years — will turn over power to a democratically elected government within six months. Jimenez said the market's turnover was "relatively light" at P3.742 billion, with more than 904 million shares changed hands. There were 81 advancers, 40 decliners, and 34 unchanged issues during Monday's trading session. Jimenez is bullish that the market will continue its uptrend as listed companies disclose its corporate earnings. "Most of our blue chip firms will be posting record profits," he said. — JE/OMG, GMA News