RP stocks close sharply higher on hopes of rosy Q2 profits

Philippine shares rose on Monday as investors snapped up select blue chip on expectations of upbeat second-quarter corporate earnings results, analysts said. The Philippine Stock Exchange composite index gained 61.27 points or 2.63 pct at 2,390.84 Gainers beat losers 72 against 24 while 46 stocks were unchanged. Volume traded reached 6.08 billion valued at P1.80 billion. "We saw some positioning on select blue chip issues as investors anticipated good earnings reports," AB Capital analyst Jose Vistan said. Philippine Long Distance Telephone Co. (PLDT), the nation's largest telecom operator, rose P70 to P2,070. Property developer Ayala Land gained P0.50 at P13.75. Metrobank, rose P0.50 to P39. The country's largest bank said its profit for the first half of the year rose 35 pct to P3.04 billion from P2.25 billion a year earlier. Bank of the Philippine Islands (BPI), the nation's second largest lender, gained P1 at P54. It announced over the weekend a net income of P4.6 billion for the first half of the year, up 7 pct year-on-year. - GMANews.TV