Friday, 8 May 2009

Philippine stock market expecting strong rally in near future

Shares close 0.14% higher
Agence France-Presse

MANILA, Philippines—(UPDATE 2) Shares closed 0.14 percent higher on Friday as investors bought undervalued stocks anticipating a strong rally in the near future, dealers said.

The composite index rose 3.06 points to 2,241.98, while the all-shares index rose 0.45 percent to 1,443.10.

There were 76 gainers against 36 losers and 39 that were unchanged.

Turnover amounted to 2.244 billion shares worth P3.255 billion ($68.4 million).

The local currency traded at P47.56 on Friday morning from its close of P47.45 to the dollar on Thursday.

"The Philippine market is making a bet that there is still a search for discounted values out there," said Nisha Alizer of DA Market Securities Inc.

Philippine Long Distance Telephone Co. fell 0.46 percent to P2,160 while its main rival, Globe Telecom slipped 0.6 percent to P815.

But property giant Megaworld Corp. gained 1.06 percent to 95 centavos while Filinvest Land rose 6.35 percent to P67.

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