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MANILA - (UPDATED 4:30 p.m.) Philippine share prices on Monday staged a broad-based rally on favorable corporate earnings reports from index issues Manila Electric Co. and SM Prime Holdings Inc.
At the Philippine Stock Exchange, the composite index gained 58.35 points or 1.12 percent to close at 5,277.90.
All sub-indices finished in the green with the holding firms, property, financials, and mining and oil counters rising by at least 1.17 percent.
Advancers beat decliners, 84 to 60, while 45 stocks were unchanged. A total of 1.16 billion stocks worth P4.94 billion changed hands.
Strong results of power retailer Meralco and mall developer SM Prime, which went up 1.87 and 4.34 percent, respectively, propped up the local market.
"Today it was all about earnings. Meralco's income in particular sent a very strong signal to the market that the economy did well. Its earnings went up by 60 percent but the big news coming from Meralco was volume growing by 10 percent," said Jose Vistan of AB Capital Securities Inc.
SM Prime, on the other hand, reported a better-than-expected earnings growth in the second quarter of 16 percent to P2.49 billion, pushing net income in the first half by 15 percent to P4.92 billion.
Regional markets also rose Monday amid optimism that the European Central Bank will take aggressive measures to ease the euro bloc's debt crisis. Sentiment was also upbeat after US economic growth slowed less than expected in the second quarter.
Actively traded stocks were Metrobank, PLDT, SM Investments, Ayala Land, and Ayala Corp.
Top gainers were Pepsi-Cola, Waterfront Philippines and United Paragon Mining, while the biggest losers were Mabuhay Holdings, Vivant and Cityland.
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