Bourse closes higher on string of positive news

MANILA, Philippines (Xinhua) - The Philippine stock market opened the week positively following a string of positive news.

The bellwether Philippine Stock Exchange index rose by 0.46 percent or 31.03 points to 6,761.99, while the broader all-share index gained 0.38 percent or 15.42 points to 4,057.43.

Trading volume reached 1.01 billion shares worth P6.22 billion ($141.97 million) with 101 stocks advancing, 87 declining, and 35 were unchanged.

Analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment that positive developments overseas boosted investors' sentiments.

These include higher China PMI, record levels in US stocks and a six-month high in the Nikkei trumped rising crude prices. Iraq, however, remains the main thorn that could prick the optimists' bubble moving forward, he said.

"Aggregate share price jumped more than 30 points from the get- go with advancers leading decliners two-to-one. However, it met resistance and struggled to make a sustained breach of the 6,770- levels as investors appear apprehensive over pushing prices to the next higher range absent stronger, market-moving news," Calaycay said.

The analyst said optimism remains tempered with the market possibly still burdened by the lower-than-estimated first quarter GDP, relatively weak corporate earnings over the same period and geo-political tensions in the Ukraine and Iraq that could squeeze world oil supply.

Stocks in the 30-company index were mostly up. These include Ayala Land, Inc., heavyweight Philippine Long Distance Telephone Co., and Alliance Global Group, Inc.