|
|
Wednesday, August 08, 2007
Shares rise 0.82 percent on bank, property stocks (6:52 p.m.)
MANILA -- Philippines shares rose Wednesday on bargain hunting in banking and property stocks. Strong second-quarter earnings and Wall Street's rebound also helped push the market to a positive finish.
The 30-company Philippine Stock Exchange Index rose 0.82 percent to 3375.91. The index rose 2.8 percent Tuesday after a four-day fall that saw it retreat almost 7 percent.
"It's the positive momentum from yesterday's run-up that continues to push prices higher. However, we could already see the positive momentum slowing as bouts of profit-taking emerged," said Rommel Macapagal, chairman of Westlink Global Equities.
Metropolitan Bank & Trust added 3.4 percent to P60.50. Bank of the Philippine Islands rose 2.4 percent to P65. SM Prim rose 2.3 percent to P11.
The US dollar fell versus the peso, dropping to P45.18 from P45.430 Tuesday, weighed down by the recovery of stock prices in Manila. (AP)
|
|
|
|
