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Philippine share prices closed 0.6 percent higher on Tuesday, on
extended bargain hunting, dealers said.
The composite index gained 16.50 points to
2,637.26.
The all-shares index gained by 0.47 percent to
1,666.36 points.
There were 48 advancers and only 34 decliners
with 63 stocks unchanged.
Turnover slipped to P2.216 billion ($49.8
million) from P2.89 billion on Monday.
The local currency traded at 44.425 to the
dollar.
“A lot of blue chips are already within their
book value levels. That probably inspired investors to pick up
bargain stocks,” said Claire Quiray of Accord Capital Equities.
She said the index could test the 2,700 level
but warned that it was too early to say the market was recovering.
“Investors are focused not on the economy of
the country but on global matters—the US economy and oil prices.
Everything will depend on the movement of the oil since it will
determine the direction of inflation,” she said.
Philippine Long Distance Telephone Co. rose 2.9
percent to P2,455, Conglomerate Ayala Corp. gained 0.83 percent to
P302.50.
San Miguel Corp. A and B shares were unchanged
at P41 and P42 respectively.
-- AFP
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