PSE index up as Japan's radiation concern eases

The Philippine Stock Exchange index climbed on Friday as concern eased over nuclear radiation following last week's earthquake in Japan. "Investors are saying that the government of Japan can contain the dilemmas presently plaguing the country," said trader Jasper Jimenez of Banco de Oro Securities Inc. The PSEi added 22.50 points or 0.59 percent to close at 3,839.88, according to the PSE's online market information as of 12:10 p.m. Value turnover reached P5.523 billion, with more than 1.153 billion shares changing hands. Advancers outpaced decliners, 89 to 35, while 37 issues did not change during the trading session. Also, investors are optimistic about the United Nations' move to adopt a resolution that establishes a no-fly zone over Libya, Jimenez said. "That, in a way, is limiting the uncertainties in the area," he said. Libya is one of the world's richest oil-producing countries. — JE/LBG, GMA News