MANILA (Thomson Financial) - Philippine shares were firmer in early trade on
Monday as investors sought out bargains when they
returned from a four-day Easter break.
The 30-company composite index was last up 44.04 points or 1.6 percent at
2,861.63.
The all-share index gained 21.59 points or 1.2 percent at 1,757.29.
Most stocks advanced as investors played catch-up to big gains on Wall
Street last Thursday.
Local financial markets were closed on Thursday and Friday for the Easter
holidays.
The Dow Jones industrial average rose 2.2 percent on Thursday following a
milder-than-expected drop in a regional manufacturing report. Wall Street was
closed on Good Friday.
But mining stocks retreated after recent gains as prices of commodities,
including oil and gold, softened amid worries over the global economy and a
rebounding US dollar.
Recent measures taken by the Federal Reserve, including last week's
75-basis-point cut in its
key interest rate, have eased worries about the US credit crisis, said BPI
Securities in a note. But investors should resist the temptation of buying
aggressively, it said.
"Investors should remain cautious," said BPI, warning there could be more
bad news coming from major global financial institutions.
enrico.delacruz@thomson.com
ed/ms
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|