Investors Continue Buying Spree
May 05, 2011
The Philippines Stock Exchange Index gained 38.68 to 3226.46 on volume of 11.07 billion shares. Gainers outnumbered decliners 85 to 31, with 65 issues unchanged. Property and gaming concern Belle gained 40 centavos to 6.90 pesos on the strength of bargain-hunting. Newly listed Uniwide Holdings succumbed to profit-taking, falling 20 centavos to 5.30 pesos. Analysts said that with the possibility of a U.S. interest-rate increase gone, investors now can appreciate the positive outlook for both the Philippine economy and local companies. The property subindex gained 1.2%, the commercial-industrial subindex was up 1.4%, the mining subindex added 2.4% and the oil subindex rose 3.7%.
