PHL share prices surge amid bullish outlook in the region

Philippine share prices surged on the first trading day of the week following the Lenten break, taking its cue from the bullish outlook in the region. The bellwether 30-company Philippine Stock Exchange index soared 56.60 points or 1.324 percent to 4,331.37 while the all shares climbed 26.31 points to 0.8453 percent to 3,138.82. Gainers dominated losers, 96 to 46, while 23 stocks closed unchanged. All six sub-indices ended in the green, led by the Property sector's 2.27-percent jump and Financials' 1.82-percent improvement. Volume traded reached 2.32 billion stocks worth P4.074 billion. "Optimists started the post-Easter week on a continued dominance of their pessimistic counterparts, including fence-sitters, keeping the market ahead on the month and extending the year-to-date gains," said Justino Calaycay Jr., trader at Accord Capital. Calaycay also noted that Asian bourses were also trading in the green. Except for the stock markets in Shanghai, Taiwan and Indonesia, all other bourses in the region were logging in gains, led by South Korea's Seoul composite and Hong Kong’s Hang Seng. In the local market, except for DMCI Holdings, Inc., four of the five most actively traded issues of the day gained. Telecommunications giant Philippine Long Distance Telephone Co. rose 70 or 2.93 percent to 2,460. Holding firm Alliance Global Group Inc. added P0.12 or 1.024 percent at P11.84. Power producer First Gen Corp. gained P0.48 or 3.50 percent at P14.18. Developer Megaworld Corp. climbed P0.04 or 1.64 percent to P2.48. DMCI Holdings Inc. shed P0.65 or 1.35 percent at P47.50. -- CMA/OMG, GMA News