| Investor confidence is high especially with government now saying it is intent on maintaining economic momentum, they said The Philippine Stock Exchange composite index was up 3.61 points at 3,378.92 after moving between from a high of 3,417.08. The broader all-share index rose 8.57 points to 2,151.66. Gainers beat losers 87 to 43 while 45 stocks were unchanged. Volume amounted to 10.2 billion shares worth 5.9 billion pesos (123 million dollars). The Philippine peso traded at 48.12 to the dollar. "Investor confidence is really high, especially with the government now saying it is intent on maintaining economic momentum," Ron Rodrigo, an analyst with Unicapital Securities Inc, said. Dealers said investors also prefer to invest in stocks instead of government securities and other fixed-income instruments with rates on benchmark Treasury bills at record lows. The market, however, appears to be overheating, said Summit Securities president Harry Liu, and may need to take a breather before attempting to retest the 3,400 point resistance level. "The market is in overbought condition after extended rallies, so we can expect some correction to take place before it builds up momentum to get to the all-time high level," said Liu. Top-traded Philippine Long Distance Telephone Co gained 10 pesos to 2,605 while rival Globe Telecom Inc advanced 15 to 1,370. Ayala Land Inc shed 25 centavos to 16.75 pesos. Food and beverage conglomerate San Miguel Corp's A-shares advanced one to 67 and its B-shares were flat at 78.50. |
http://www.mb.com.ph/BSNS2007022187754.html
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