Wednesday, May 31, 2006
PHILIPPINE share prices closed higher on Tuesday due to expectations that the government would soon release favorable first-quarter economic growth figures, dealers said.
They said last-minute buying drove the market higher following a listless session, although the light volumes suggest many investors were on the sidelines.
The Philippine Stock Exchange composite index gained 17.19 points to 2,300.08 after moving between 2,275.47 and 2,303.54.
Volume was 1.02 billion shares worth P1.2 billion ($22.78 million).
The all-shares index rose 7.29 points to 1,437.16.
Gainers led losers 43 to 34, with 50 stocks unchanged.
The Philippine peso traded at 52.669 to the US dollar as of mid-day.
Economists said the economy was likely to expand by 5 to 6 percent year on year in the first quarter, thanks to a recovery in farm output, which complements a robust services sector.
“Today investors just took advantage of the key index’s low level and took positions ahead of the GDP (gross domestic product) data due out (on Wednesday),” said Astro del Castillo of First Grade Holdings Inc.
“The market is at oversold levels. A technical rebound is imminent but the bulls must rest for the meantime. I think the market will remain in consolidation mode before moving higher amid a generally positive long-term outlook on the economy,” del Castillo added.
--AFP
http://www.manilatimes.net/national/2006/may/31/yehey/business/20060531bus12.html
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