Philippine share prices surge nearly 3 percent

Philippine share prices surged by 2.98 percent, breaching the 4,000 level, as domestic companies reported earnings that beat estimates and Japanese firms began resuming production. The Philippine Stock Exchange index gained 116.51 points to close at 4,023.74 percent, according to the PSE’s online market information as of 12:10 p.m. “The better-than-expected earnings reports of listed firms and the recovery of Japan have buoyed the market," said investment analyst Freya Natividad of 2TradeAsia.com. Even as Japan faces the unexpected effects of the huge March 11 earthquake, “the US economic recovery is looking clearer. The global economy is recovering," she added. Freya said the “positive market sentiment" reflects on the influx of capital funds during Wednesday’s trading session. Value turnover reached P7.352 billion, with more than 1.997 billion shares changed hands. Advancers outperformed decliners, 66 to 59, while 47 issues remained unchanged. Freya also said contributing in part to the stock market's growth was the Philippine Long Distance Telephone Co.’s offer to buy Digital Telecommunications Philippines Inc. for P74.1 billion. “The deal benefits consumers and improve the country’s broadband infrastructure while enhancing shareholder value," she said. — JE, GMA News