|
Philippine shares closed 1.26 percent higher
Wednesday due to a drop in oil prices and a rebound in the US stock
market, dealers said.
The composite index rose 30.98
points to 2,481.53 points. The all-share index rose 1.06 percent to
1,565.25 points.
Advancers outnumbered decliners
73 to 39, with 37 counters unchanged.
Turnover amounted to P1.918
billion from P2.91 billion on the previous day.
The local currency traded at
45.688 to the US dollar.
“There is a reversal already
but will it be sustained? That is very hard to say,” said Nestor
Aguila of DA Market Securities.
“People are speculating that
oil can drop $10 in just one day,” he said, adding that “the
suppliers are already starting to feel the demand for oil slowing
down.”
He forecast, “For the week, we
will have a rally.”
“A lot of money can be made but
the fundamentals still have a downward bias,” he said, citing
domestic inflationary concerns.
Index leader Philippine Long
Distance Telephone Co. rose 1.85 percent to P2,470 while leading
conglomerate Ayala Corp. rose 2.7 percent to P282.50.
Metropolitan Bank and Trust Co.
rose 2.98 percent to P34.50 while Bank of the Philippine Islands
rose 1.12 percent to P45.
San Miguel Corp. saw its A shares
remain unchanged at P40.50 while its B shares gained 2.5 percent to
P41.
--AFP
|
