MONEY - TOP STORIES
December 28, 2006
Updated 17:25:22 (Mla time)
(UPDATE) SHARE prices closed at their best levels in nearly a decade as investors bullish about economic prospects next year adjusted their positions ahead of the New Year break, dealers said.
They said Wall Street's gains overnight also supported the upbeat mood, with most blue chips led by Philippine Long Distance Telephone Co. (PLDT) posting strong gains.
At the close, the 30-company composite index was up 59.91 points or 2.08 percent at the day's high of 2,943.38. It hit a low of 2,883.47.
It was the index's best finish since April 18, 1997 when it settled at 2,944.98.
The broader all-share index rose 30.67 points to 1,843.67.
There were 65 gainers against 26 losers, while 58 stocks ended unchanged.
Volume turnover was 2.57 billion shares worth P2.16 billion.
"Those who are expecting better times ahead are taking positions now," Westlink Global Equities chairman Rommel Macapagal said.
With the key index breaching the 2,900 resistance level, Macapagal said there may be follow-through buying Friday but gains may be capped and volumes much lighter ahead of the New Year holiday weekend.
"Other Asian markets are also hitting multi-year highs and the peso is gaining further strength. These factors are making investors more bullish," Accord
Capital Equities analyst Lawrence de Leon said.
The market will likely test the 3,000 resistance Friday or when trading resumes from Tuesday next week, he said.
Top-traded PNOC Energy Development Corp. rose P0.20 or 4.35 percent to P4.80.
PLDT jumped P100 or 4.26 percent to P2,450.00.
Conglomerate SM Investments Corp. added P17.50 or 5.6 percent to end at a record high P330. Its unit, mall operator SM Prime Holdings Inc. advanced P0.75 or 7.14 percent to P11.25.
Food and beverage firm San Miguel Corp.'s A-shares were unchanged at P66.50, while its B-shares rose P1.00 to P75.00.
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