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LOCAL share prices closed higher on Monday as investors picked up
bargains, dealers said.
The composite index added 45.45 points to
2,414.66 after trading between 2,376.40 and 2,418.99. The all-share
index rose 21.28 points to 1,537.77.
Sixty-four issues advanced, 28 declined and 47
ended unchanged.
Turnover fell to P1.54 billion from P1.897
billion on Friday.
The peso traded at 45.44 to the dollar in the
morning.
“The market is at an oversold level after
recent sharp falls,” Harry Liu of Summit Securities told Dow Jones
Newswires.
“I expect this technical rebound to continue
for a few more sessions,” he added, tipping near-term resistance
at 2,500 points after the market’s fall to a 22-month low of
2,339.84 points on Thursday.
Megaworld Corp. added 7 percent to P1.22, Manila
Electric Co. gained 8.4 percent to P45, and Metropolitan Bank and
Trust Co. rose 6.4 percent to P33.50.
Philippine Long Distance Telephone Co. edged up
0.6 percent to P2,360.
San Miguel Corp. A was unchanged at P40 while
its B share increased by 1.3 percent to P40.
-- AFP
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