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PIA Press Release
2006/10/24

Stock market closes at 9-year high

Quezon City (24 October) -- SHARE prices closed higher for the fourth consecutive session on follow-through buying in stocks of companies expected to report strong third-quarter earnings, sending the key index to its best level in more than nine years, dealers said.

At the close, the 30-company composite index was up 8.11 points or 0.31 percent at 2,625.52, its best finish since Aug. 8, 1997 when it settled at 2,647.82. The index moved between 2,613.05 and 2,632.91.

The broader all-share index rose 5.14 points to 1,613.88.

Gainers led losers 58 to 48, while 52 stocks ended unchanged.

A total of 1.63 billion shares changed hands worth P3.74 billion.

"We just broke 2,600 and we're now consolidating at a higher range. If we break away from this higher range, with the resistance seen at 2,632, we may see another major rally towards the 2,800-point level before the year ends," DA Market Securities president Nestor Aguila said.

"The possible triggers will be an interest rate cut by the central bank as early as next month, the peso's continued rally against the dollar and increased liquidity due to strong remittances from Filipinos abroad during the Christmas holidays," he added. (PIA) [top]

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