Philippines share prices closed 0.64 percent higher on Monday with investors positioning ahead of the release of first half corporate figures and as political concerns eased, dealers said. They said it was the third consecutive day of the market rallying and it came after President Gloria Arroyo was able to bring out a huge crowd for a rally to show her political strength on Saturday.
The Philippine Stock Exchange composite index rose 12.17 points to 1,909.25 after trading between 1,897.08 and 1,916.84.
Volume turnover amounted to 612.16 million shares worth 1.16 billion pesos (20.82 million dollars). Gainers beat losers 34 to 27, while 45 stocks were flat.
The broader all-shares index gained 4.13 points to 1,162.22.
Arroyo has been under attack for weeks on opposition allegations that she cheated to win the 2004 elections. However she has refused to resign and brought out thousands of supporters in the rally which boosted her stature.
"After what we have gone through on the political front, it seems like the government is refocusing its energy on the economic challenges that are confronting us," said Astro del Castillo of First Grade Holdings.
"New appointments in the cabinet have been made and they have immediately buckled down to work," del Castillo remarked as Arroyo named replacements for cabinet members who resigned and turned against her.
With political worries taking a backseat, investors are slowly shifting focus to the upcoming earnings reporting season for the first half of the year.
"Definitely, corporate earnings are expected to be within or may even exceed expectations. The political uncertainty has also been largely factored in," said Gomer Tan of Regina Capital Development Corp.
Philippine Long Distance Telephone Co was the most actively traded stock, gaining up 15 pesos to 1,540 pesos.
Second top-traded First Philippine Holdings rose two pesos to 42.50 pesos.
Philippine National Bank gained four pesos to 46.50 pesos.
San Miguel Corp A shares, limited to local buyers, added 50 centavos at 61.50 pesos while San Miguel B shares, available to foreign investors, was unchanged at 94 pesos.