Gains in blue-chip issues hike Philippine shares

MANILA, Philippines - Philippine share prices on Thursday recovered from a two-day losing skid, mainly boosted by buying in blue chip stocks. The approval of the latest stimulus package also helped the bourse, analysts said. The bellwether 30-company Philippine Stock Exchange index jumped 26.35 points or 1.3885 percent to 1,924.10 while the broader all shares rose 18.14 points or 1.4785 percent to 1,245.09. The overall positive sentiment was also reflected in 53 issues which advanced against 25 retreating ones and 49 unchanged stocks. Except for the 0.1818-percent decline by financials, all other five sub-indices ended in the green, led by industrial's 3.8949-percent climb and mining and oil's 2.1529-percent rise. Volume improved. A total of 1.004 billion stocks worth P3.1 billion were traded. Several issues lifted the market, analysts said. "There was buying of blue-chip issues. Stocks which have special development led the rebound," said Lawrence de Leon, Accord Capital Equities trader. Of the 20 top-traded stocks for the day, 14 gained. De Leon also said the $790-billion that rescue package that the US Congress has agreed to approve has also "partially helped" the market. "All global markets, however, are still looking for more details about this latest stimulus package," he said. Overnight, the Dow Jones industrial average rose moderately by 50.65 points. Utility firm Manila Electric Co., the session's most active stock, soared P5 or 6.4103 percent to P83. Meralco’s closing price is already higher than its 52-week high price of P82.50. Telecommunications giant Philippine Long Distance Telephone Co. surged P20 or 0.9259 percent to P2,180. Geothermal power producer PNOC-Energy Development Corp. leaped P0.04 or 1.7857 percent to P2.28. Developer Megaworld Corp. slipped P0.04 or 6.6667 percent to P0.56 Ayala Corp., one of the country's largest business groups, went up P3 or 1.4778 percent at P206. - GMANews.TV