|
|
Monday, February 14, 2005
Shares close at new five-year high (3:50 p.m.)
MANILA -- Shares closed at a five-year high Monday buoyed by news that the country has been removed from the list of non-cooperative countries in the international effort against money laundering.
The 30-company Philippine Stock Exchange Index gained 23.02 points, or 1.1 percent, to close at 2084.50 - its highest finish since 2097.23 on Jan. 16, 2000. The index climbed 13.24 points to close Friday at 2061.48.
Gainers outnumbered losers 96 to 20, while 37 stocks closed unchanged.
Volume increased to 4.27 billion shares valued at 1.9 billion pesos from Friday's 3.08 billion shares valued at 1.91 billion pesos.
Foreign funds bought 947.3 million pesos worth of shares, and sold only 558.7 million pesos worth of shares.
The Paris-based Financial Action Task Force announced its decision to remove the Philippines, Cook Islands and Indonesia from its list of non-cooperative countries in the global effort against money laundering.
The agency said the Philippines is effectively implementing anti-money laundering measures to remedy loopholes that were identified by the FATF.
"Our removal from the FATF list is a good sign, a big boost to our international reputation," said Chelsea Dipasupil, a research head at RCBC Securities.
Astro del Castillo, managing director at First Grade Holdings, said FATF's action stokes further confidence in the market as it will facilitate the flow of investment in the country.
First Philippine Holdings and Benpres Holdings Corp. led advancers. Both companies' earnings this year are likely to be boosted after their toll way venture started commercial operations last week.
First Holdings gained 8.8 percent to 49.50 pesos, while Benpres jumped 18 percent to 1.18 percent.
Except for the property sector that declined and the unchanged oil sub-index, all other sectoral indicators rose.
The mining sub-index continued to climb on the steady flow of investment, following the Supreme Court's recent decision to allow foreign control of mining operations. (AP) |
|
|
|
