PSE index up on optimism over Japan recovery

Philippine share prices rose on Friday as some investors saw that the economic benefits of rebuilding in the quake- and tsunami-crippled Japan will trickle down to the Philippines. “The construction [in Japan] will certainly benefit the Philippines," an analyst of 2TradeAsia.com said. The Philippine Stock Exchange index gained 34.27 points or 0.89 percent to close at 3,875.81, according to the PSE’s online market information as of 12:10 p.m. Value turnover reached P4.014 billion, with more than 936 million shares changed hands. The market’s 54 decliners were edged out by 68 advancers while 47 issues remained unchanged. The analyst also said another factor that pushed the domestic stock market higher was the signs the US economy is strengthening. Portions of the US economy are doing “quite well. There are some risk trades after the tragic events in Japan and increases in oil price," the analyst said. — JE, GMA News