The Philippine Star 05/09/2007
Share prices closed 0.12 percent higher yesterday aided by a rise on Wall Street overnight which extended its record run to five days amid frenzied takeover activity, dealers said.
They said the composite index also breached the 3,325-point resistance level as some investors took their cue from the Dow Jones bull run.
The composite index edged up 4.06 points to settle at 3,333.95. It moved between 3,329.89 and 3.357.88. The broader all-share index rose 9.55 points to 2,121.04.
Gainers beat losers 60 to 44, while 57 stocks were unchanged. A total of 2.6 billion shares worth P4.7 billion were traded.
The Dow Jones Industrial Average crossed 13,300 for the first time on Monday, securing its 20th record close since the start of the year.
Other investors meanwhile were cautious ahead of the May 14 midterm elections.
"We have to confirm in the next few sessions if that level can hold. If it does, the next resistance would be 3,400," said Gomer Tan of Regina Capital Development Corp.
Tan said while market sentiment was bullish in general, investors will likely continue to be guarded ahead of next Monday’s congressional elections.
"If the political exercise is peaceful though, the market will likely go up since a credit rating upgrade (for the
Most international credit rating firms have put their review of the country’s credit ratings on hold, opting to wait for the results of the elections.
Top-traded Philippine Long Distance Telephone Co. (PLDT) shed P15 to P2,550 after the release of flat quarterly profits, reflecting the market’s disappointment.
But PLDT chairman Manuel Pangilinan said the company expects its core profit for the full year to come in at P33 billion, the top end of its guidance.
Globe Telecom gained P45 to P1,290.
Property developer
San Miguel Corp.’s A-shares were steady at P64.50, while its B-shares closed up P1.50 at P75. San Miguel was to announce its first quarter results later Tuesday. — AFP
Wednesday, July 01, 2009
050907: Market continues to rise on Wall St rally
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