AGENCE FRANCE-PRESSE - May 20, 2009

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Shares close 1.05% higher

MANILA, Philippines—(UPDATE) Share prices closed 1.05 percent higher Wednesday to hit a seven-month high on expectations of another round interest rate cuts, dealers said.

The composite index rose 24.18 points to close at 2,333.76, while the all-shares index rose 1.50 percent, or 22.40 points, to close at 1,506.40.

A total of 2.98 billion shares worth P3.66 billion ($77.21 million) changed hands.

Advancers trumped decliners 96 to 19, while 44 issues were unchanged.

The peso traded at P47.40 to the dollar from its previous close of P47.28.

"The prospect of further (monetary policy) easing and sustained remittance growth bodes well for the property sector," Jose Vistan of AB Capital Securities told Dow Jones Newswires.