RP stocks close higher on hopes of robust 2009 corporate earnings

(philstar.com)

MANILA, Philippines (Xinhua) - The Philippine stock market closed higher Monday as investors start positioning in blue chips on expectations of strong corporate earnings.

The bellwether Philippine Stock Exchange index rose 1.15 percent or 35.16 points to 3,078.91, along with the all share index which increased by 0.83 percent or 16.16 points to 1,944.50.

Telecommunications giant Philippine Long Distance Telephone Co. (PLDT), Metro Pacific Investments Corp. and conglomerate Ayala Corp are scheduled to release their 2009 income results this month.

Analyst Jun Calaycay of local brokerage Accord Capital Equities Corp. said it is widely expected that companies will report positive earnings coming from a low base in 2008.

"There is only a month left before the quarter ends so the release of 2009 corporate results will become more frequent. Investors are already starting to position in anticipation of these results," Calaycay said. Stocks in the 30-company index were the issues that finished strongly. These include heavyweight PLDT and property firms Ayala Land, Inc and Megaworld Corp.

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