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LOCAL share prices closed higher to a six-week high Wednesday,
boosted by Wall Street’s strong finish and the latest slide in
crude oil prices, dealers said.
The composite index added 57.79 points to
2,583.83. That was its highest finish since June 19 when it ended at
2,592.59 points. The all-share index rose 30.75 points to 1,620.65.
Advancers trumped decliners 88 to 17 with 47 issues unchanged.
Turnover rose to P2.8 billion from P2.36 billion
on Tuesday. The peso also strengthened to 44.150 to the dollar from
the previous day’s 44.380 finish. Trading volume eased to $582.500
million from $717.860 million previously.
“It’s a bear market rally,” April Tan of
Citiseconline.com told Dow Jones Newswires. “The US market and
falling oil prices are the major story for today. It helped that we
are also technically oversold.”
Banking and property issues, which have been the
most battered by the sell-off sparked by surging inflation, led the
market’s gain.
“The volatility of crude prices appears to be
dictating the direction of equities trading for the near term given
that investors are still unsure whether the price bubble has indeed
burst,” PCCI Securities Brokers Corp. said in a written report.
Philippine Long Distance Telephone Co. added 1
percent to P2,480. Banco De Oro rose 3.8 percent to P41 while
Metropolitan Bank and Trust Co. gained 4.2 percent to P37.
Ayala Land gained 2.1 percent to P9.80 while
Megaworld Corp. ended 5.6 percent to P1.50. San Miguel Corp.’s B
shares fell 1.14 percent to P43.50 while San Miguel A was unchanged
at P42.50.
-- With AFP
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