[08:11:08] 2.8 %age up at P44.44 a dollar

Shares close 2.8 percent higher



Agence France-Presse
First Posted 14:04:00 08/11/2008


MANILA, Philippines -- Share prices closed 2.8 percent higher Monday on the back of a rally on Wall Street and falling world crude prices, dealers said.

The composite index rose 75.71 points to 2,768.52, its best finish since June 4 at 2773.12.

The all-shares index rose 1.7 percent to 1,728.95.

Gainers outnumbered losers 83 to 34, while 46 stocks ended unchanged.

Volume amounted to 3.77 billion shares worth P3.073 billion ($692.5 million).

The local currency traded at P44.44 to the dollar.

"Investor sentiment has turned positive, and we have falling oil prices to thank," Lawrence de Leon of Accord Capital Equities told Dow Jones Newswires.

Philippine Long Distance Telephone Co. gained 3.8 percent to P2,710. Globe Telecom rose 1.68 percent to P1,205.

Ayala Land was up 4.8 percent to P11. San Miguel Corp. saw its A-shares rise by 2.3 percent to P44.50 while its B-shares gained 1.12 percent to P45.


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