PHL share prices extend gains amid bargain hunting

Philippine share prices extended their gains on Monday as players continued to snap up bargain stocks. The benchmark 30-company Philippine Stock Exchange index rose 31.32 points or 0.78 percent to 4,040.58, while the all shares jumped 22.55 points or 0.79 percent to 2,878.73. Gainers trumped losers, 95 to 34, while 40 stocks closed unchanged. All six sub-indices closed in the green, led by Mining & Oil's 2.14-percent climb. Volume traded reached 4.19 billion shares valued at P3.41 billion. "Selective buying is expected to continue this week amidst divided conviction on the dreaded double dip recession. Although indicators are still at the bearish territory, momentum is steadily showing that there could be come short term upside potential," said Claire Quiray of Regina Capital in a market note posted online. Four of the five most active stocks advanced. Holding firm SM Investments Corp., the parent firm of the SM Group and the session's top traded, slipped P4 or 0.78 percent to P506. Andrew Tan's Alliance Global Group Inc. leaped P0.26 or 2.84 percent to P9.40. Telecommunications giant Philippine Long Distance Telephone Co. added P10 or 0.47 percent at P2,160. Supermarket chain operator Puregold Price Club Inc. gained P0.64 or 5.84 percent at P11.60. Metropolitan Bank & Trust Co., one of the country's largest lenders, surged P1.25 or 1.93 percent to P66.10. - CMA/OMG, GMA News