MANILA (Thomson Financial) - Philippine shares advanced on Thursday for the
second session in a row as investors cheered the continued pullback in crude oil
prices and ignored a signal from the central bank that key interest rates might
be raised further to combat inflation.
The drop in oil prices from the all-time peak above $147 a barrel on July 11
has stoked optimism that economic conditions in the second half would improve.
A barrel of U.S. light crude for September delivery fell 46 cents to a
seven-week low of $123.98 in early Asian trading on Thursday after tumbling by
more than $4 a barrel on Wednesday. Worries about the economic woes of the
United States, the world's top oil consumer, fuelled speculation that demand for
the commodity would weaken.
"Equities investors worldwide appear to be turning optimistic now on
earnings and economic data for the second half of 2008," said Francisco Liboro,
president of PCCI Securities.
Manila's 30-company composite index rose 72.97 points or 3.0 percent to
2,535.91, adding to the 2.2 percent gain on Wednesday.
The all-share index advanced 36.38 points or 2.3 percent to 1,594.29.
Advancers overwhelmed decliners 89 to 16, while 49 were unchanged.
Turnover improved to 2.9 billion pesos from Wednesday's 2.5 billion pesos.
($1 = 43.9 pesos)
enrico.delacruz@thomsonreuters.com
ed/ms
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