MANILA (AFP) - Philippine share prices rose 0.84 percent Monday to their highest levels in a month as political tensions eased after President Gloria Arroyo ended the state of emergency imposed to combat an alleged coup attempt, dealers said.
After lifting her emergency rule on Friday, Arroyo rang the opening bell at the stock exchange Monday, and later announced a lower than expected budget deficit for January.
The composite index was up 17.95 points to 2,148.32 after moving between 2,129.72 and 2,151.48. It was the index's highest close since February 2 when it settled at 2,159.37.
The broader all-shares index rose 9.51 points to 1,044.03.
Gainers outnumbered losers 48 to 23, while 52 stocks were unchanged.
Volume reached 639.5 million shares worth 1.77 billion pesos (34.62 million dollars).
The peso traded at 51.12 to the dollar by midday.
"There is overall optimism after the emergency rule was lifted," said Lawrence de Leon of Accord Capital Equities. "But we do not discount that profit-taking may set in."
The market will likely consolidate in the coming sessions as most stocks are already considered expensive following last week's rally, said Harry Liu of Summit Securities.
"Investors should see (the lifting of the emergency rule) as a lull in the political drama, not the end. Her opponents are implacable and she knows it," ING said in a research note.
"The good news is that the opposition's efforts will probably be limited to low-level mischief-making that keeps the president feeling insecure and paranoid but do little else," it added.
Top-traded SM Prime Holdings, with more than half the day's turnover, closed up 10 centavos to eight pesos.
Bank of the Philippine Islands gained 50 centavos to 59.50 pesos.
Philippine Long Distance Telephone rose 10 pesos to 1,835.
San Miguel A, restricted to Filipino investors, added 50 centavos to 62 pesos while San Miguel B, open to foreigners, fell one peso to 82.50.
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