Index gains on buying of select blue chips

Share prices closed 0.81 percent higher yesterday on selective buying of blue chips ahead of the long Easter break, dealers said.

The composite index was up 26.05 points at 3,229.60 after trading between 3,198.14 and 3,233.77. The broader all-share index rose 14.82 points to 2,061.58 . Gainers edged out losers 72 to 25, with 55 stocks unchanged.

Turnover was 3.1 billion shares worth P4.4 billion.

The market would be closed from Thursday until next Monday for public holidays. Trading resumes on April 10.

"There was an opportunity to buy following the momentum last Friday," said Rommel Macapagal of Westlink Global Equities Inc., citing that 1.6 percent gain.

"Some investors who wanted to cash in ahead of the (Easter) holidays, have already done so last week, so there was not much selling pressure anymore. As a result, bargain-hunters stepped in and buoyed the market," Macapagal said.

Dealers predict the main index will hover at the 3,200 level during the shortened trading this week, with many investors already taking off for the holiday.

The day’s winners include conglomerate Ayala Corp. which advanced P5 to P565, along with property arm Ayala Land Inc. which rose 25 centavos to P16.75, and Bank of the Philippine Islands, up P1.50 at P67.00.

IPVG Corp., a Philippine software and Internet-content producer, rose 10 centavos, or 1.5 percent, to P6.60, its first gain in five days. The company said that it will provide back-office services to PCCW Teleservices Ltd., a Hong Kong-based unit of PCCW Ltd.

Philippine Long Distance Telephone Co. (PLDT) closed flat at P2,525.00 although the stock was the most actively traded for the day. Rival Globe Telecom Inc. advanced P10 to P1,240.

Food and beverage conglomerate San Miguel Corp.’s A-shares were steady at P64.50 while its B-shares added 50 centavos to P72.

"The market will be on a break this week," said Astro del Castillo of First Grade Holdings. "Most investors are already in a holiday mood and you will see a less active market by next week." — AFP