Shares Rise on Foreign Buying
May 04, 2011
The Philippine Stock Exchange Index rose 76.22 to 3187.78 on volume of 11.38 billion shares. Advancers led decliners 99 to 20 while 52 issues were unchanged. Investors were bullish as they expect a robust growth rate in first-half gross national product and lower inflation figures for August. The GNP report is scheduled to be released at the end of the month. Newly listed Uniwide Holdings rose 20 centavos to 5.50 pesos. The company staged a weak debut Monday but its shares eventually recovered. Metropolitan Bank & Trust gained 20 pesos to 595. Philippine Long Distance Telephone advanced 55 pesos to 1,595 after its American depositary receipts on the New York Stock Exchange rose $1.50 to $59.125. Property developer Ayala Land added 1.50 pesos to 32.50. The commercial-industrial sector climbed 85.03 to 4325.73, the property sector rose 5.65 to 166.78, the oil sector edged up 0.07 to 5.94 and the mining sector shed 4.47 to 2519.57.
