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LOCAL share prices closed slightly higher in light trade Thursday as
domestic political worries continued to dog the market, dealers
said.
The composite index added 7.85 points to
3,112.85, after moving in a narrow range of 3,103.10 to 3,128.37.
The broader all-share index inched up 3.41 points to 1,909.44.
Decliners outnumbered advancers 55 to 48, while
52 stocks were steady. A total of 1.3 billion shares worth P2.7
billion changed hands.
“The market is continuing its consolidation
phase,” said Jose Vistan of AB Capital Securities.
“There are bouts of bargain hunting but it is
still not as strong as it could have been compared to the other
markets that have rallied recently.
“We have missed out on the previous rallies in
the region. Buying is being mitigated by the persistent political
noise.”
Antigovernment groups plan further street
protests Friday after leaders of the influential Roman Catholic
Church declined to endorse opposition calls for President Arroyo’s
resignation.
The calls stem from a corruption scandal that
implicated her husband and a political ally.
“The peso’s sustained strength dispels any
notion of capital flight and should lend more support to the market
already weary from the political noise in the past two months,”
said Francisco Liboro of PCCI Securities.
The peso traded at 40.32 to the dollar after
hitting eight-year highs in the morning.
He said investors should “buy on weakness,
sell on rally” until firmer signals emerge.
Philippine Long Distance Telephone Co., or PLDT,
fell P35 to P2,860. Megaworld jumped 28 centavos to P2.60 on
bargain-hunting. San Miguel Corp. A fell two pesos to P48 while its
B shares lost P1.50 to P48.50.
-- AFP
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