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LOCAL share prices closed higher Tuesday as oil prices eased, but
investors overall remained cautious, dealers said.
The composite index added 35.89 points to
2,450.55. The all-share index rose 11.04 points to 1,548.81.
There were 49 advancers to 38 decliners, with 47
other issues unchanged.
Turnover rose to P2.91 billion from P1.54
billion on Monday.
The peso further fell to 45.870 to the dollar,
from the previous day’s 45.472 finish. Trading volume rose to
$695.5 million from Monday’s $633.5 million.
The key index has risen 4.7 percent over three
days but Astro del Castillo of First Grade Holdings told Dow Jones
Newswires: “This could just be a dead cat bounce. The light
turnover suggests everyone remains cautious.”
He sees resistance Wednesday at 2,500 points and
the support level at 2,400 points.
The correction in crude oil futures on Monday
and a 2.9 percent gain in Philippine Long Distance Telephone Co.’s
(PLDT) American depositary receipts on Wall Street are “two things
to cheer about,” del Castillo said.
PLDT rose 2.8 percent to P2,425, while Manila
Electric Co. added 6.7 percent to P48 on a technical rebound after
falls due to major shareholders’ battle for control of the power
distributor.
Ayala Land Inc. gained 2.2 percent to P9.20.
San Miguel Corp. an inched up 1.25 percent to
P40.50 while its B shares were unchanged at P40.
-- With AFP
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