Monday, February 05, 2007
Shares rise as investors buy second and third line stocks (2:15 p.m.)
MANILA -- Philippine share prices rose in heavy-volume trading Monday, as investors shifted from overbought clue chips to second- and third-line stocks.
The 30-company Philippine Stock Exchange Index gained 12.72 points, or 0.4 percent, to 3,281.90.
AB Capital Securities research director Jose Vistan said the rotational buying may be the start of a technical correction, but not a bear market.
"Rotational buying is normally a sign big caps are already overbought, but overall market sentiment remains positive," he said.
Electric distribution company Manila Electric B shares ended 2.8 percent up at 72.50 pesos, construction-related stocks Seacem rose 4.3 percent at P1.46, while property developer Ayala Land was up 1.5 percent at P17.50.
Manila Water shares jumped 6.5 percent at P9.90 on account of a 19 percent growth in its 2006 net profit.(AP) |
