RP stocks resume climb with modest gains

Philippine share prices resumed their climb on Thursday, boosted by the confidence of investors on the Philippine economy, analysts said. The 30-company Philippine Stock Exchange index gained 4.21 points or 0.1214 percent to end at 3,470.77. The all share index jumped 6.30 points to 2,227.42. The local bourse's gains defied the trend in the region as most of Asian markets were down, on mid-trading, on forecast that the Chinese stock market will do a correction. Ron Rodrigo, Unicapital Securities reaseach chief, said good corporate earnings and solid economic fundamentals spared the Philippine stock market from falling. "We are seeing a shift of alignment here. Some investors might have favored the Philippine market over the Chinese because of our strong economic fundamentals," he said in a telephone interview. Volume traded reached 4.379 billion valued at P5.278 billion. Losers, however, dominated gainers 55 to 49 while 67 stocks were flat. Philippine Long Distance Telephone Co., the market's most heavily-weighed stock, gained P20 or 0.81 percent at P2,490. Developer Ayala Land Inc. fell P0.25 or 1.59 percent to P15.50. Another Ayala unit, Globe Telecom Inc. was steady at P1,350. Metropolitan Bank & Trust Company, the Philippines biggest bank in terms of assets, lost P1 or at P67. Gokongwei-led developer Robinsons Land Corp. was flat at P20. - Cheryl Arcibal, GMANews.TV