PHL share prices surge, mirror upbeat mood in Asian markets

Philippine share prices surged on Friday, taking their cue from the upbeat mood in Asia. The benchmark 30-company Philippine Stock Exchange index soared 50.30 points or 1.19 percent to 4,291.44 while the all shares climbed 25.87 points or 0.87 percent to 2,987.84. Market breadth was positive with 85 gainers against 44 losers and 40 issues that closed unchanged. All six sectoral indices ended in the green, led by Mining & Oil's 3.43 percent-rise and Property's 1.13-percent gain. Volume traded reached 9.50 billion shares valued at P4.69 billion. The positive showing of Asian bourses seemed to have influenced the local market's movement during the session. Expect for New Zealand's and Taiwan's, other Asian bourses were trading higher. Stock markets in India, Hong Kong, China, and South Korea were gaining over one percent each. "We will continue to take our cue from the major markets abroad...In view of all the uncertainties, we advise investors to sell on rallies, AB Capital said in a market note posted at its website. In the local bourse, three of the five most active stocks closed in the green. Philex Mining Corp., the country's largest miner and the day's top traded, added P2 or 9.39 percent at P23.30. Consunji-owned DMCI Holdings Inc. gained P1.25 or 2.98 percent at P43.20. Metropolitan Bank & Trust Co., one of the country's largest lenders, shed P0.20 or 0.29 percent at P69.15. Diversifying conglomerate San Miguel Corp. was flat at P114. Budget airline operator Cebu Air Inc. rose P4.50 or 5.14 percent to P92. -- CMA/OMG, GMA News