RP shares open strong despite vague political plans of Arroyo

MANILA, Philippines - Despite the mixed reactions on the State of the Nation Address by President Gloria Macapagal-Arroyo, the Philippine stock market opened strongly with the benchmark index hitting nearly an 11-month high. The 30-company Philippine Stock Exchange index rose, 2,746.32, just a little off its September 4, 2008 opening of 2,750.49. Investors seemed to have shrugged off political noise and focused on the bright economic prospects going forward, said Justino Calaycay Jr., Accord Capital Equities trader. "I think the people are giving Mrs. Arroyo the final benefit of the doubt that she will step down once her term expires next year. There's no reason to doubt her yet since amendment of the Constitution would take at least more than 10 months," Calaycay added. On Monday, the PSEi surged 56.15 points, or 2.1 percent, to close at 2,732.62 as it tracked the Asian markets. Cheryl M. Arcibal, GMANews.TV