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LOCAL share prices closed higher Monday as bargain-hunters took their cue from Wall Street’s Friday rebound amid a strong start to the US holiday shopping season, dealers said.
The composite index added 42.85 points to 3,537.29, off a high of 3,556.78.
The broader all-share index rose 29.14 points to 2,156.85. There were 80 advancers and 23 decliners, while 50 stocks were steady.
A total of 2.7 billion shares worth P3.8 billion changed hands.
The peso ended trading at 42.86 to the dollar, a centavo weaker than last Friday’s close.
“It seems foreign investors are back and nibbling at discounted share prices. The market may resume its downtrend but, given a strong domestic economy, any weakness in prices presents a buying opportunity,” said Nestor Aguila of DA Market Securities.
Sentiment about economic growth in the last three months of the year is bullish as strong fundamentals will help the Philippines withstand persistent concerns about the shaky outlook for the US economy, the Bangko Sentral ng Pilipinas (BSP) said Friday.
A quarterly survey of executives showed the overall business confidence index in the current quarter rose more than seven index points to 48 percent from the three months to September, the BSP said.
Following the composite index’s 2.9-percent drop last week, valuations have become more attractive.
But there were bouts of profit-taking Monday, indicating that investors are still treading cautiously.
“By now, everyone is tired of hearing about the subprime woes, the credit crisis, and the apparent weakness of the US economy. However, the sad reality is that these issues will persist,” said Prince Yeung of AB Capital Securities.
Philippine Long Distance Telephone Co. fell P5 to P3,005, reversing early gains.
Ayala Corp. advanced P15 to P570. Metropolitan Bank and Trust Co. jumped P2.50 to P54.50.
San Miguel A rose P1.50 to P44, while its B shares jumped two to P46.
[The Manila Times]
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