Market and Investments
Local shares close higher
Local share prices closed 0.5 percent higher Monday as the market continued its rally from last week, dealers said.
The composite index rose 8.98 points to 1,951.46 points while the all-shares index gained 0.2 percent to 1,247.27 points.
There were 38 gainers against 34 losers and 40 that were unchanged.
Volume turnover amounted to 594.75 million shares worth P1.49 billion. (AFP)
Asian stock markets mixed
HONG KONG (AP)-Asian stock markets were mixed Monday, with Tokyo's index down more than 1 percent, as a global rally over the $827 billion plan to resuscitate the US economy began to fade.
Stocks have advanced strongly lately on expectations the US measures, expected to pass the Senate Tuesday, will reverse the country's deepest recession in decades by stemming massive job losses and increasing spending.
Japan's Nikkei 225 stock average fell 107.59, or 1.3 percent, to 7969.03, while South Korea's Kospi was off 0.6 percent at 1,202.69.
Singapore and New Zealand stock markets also lost ground.
In Hong Kong, the Hang Seng rose 0.9 percent to 13,780.80 in a volatile session that saw the benchmark turn negative. Boosting Hong Kong was trade in China, where the Shanghai index extended its gains by 2 percent.
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American businessmen are urging Congress to pass some 10 pending bills and for the executive branch to issue the implementing rules and regulations on some laws, which they believe are crucial to the improvement of the country's competitiveness. (Page B-2)
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Alliance Global Group Inc. …