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LOCAL share prices closed slightly higher on Thursday after the US
Federal Reserve dropped hints it would not raise rates, dealers
said.
The composite index rose 10.81 points to
2,521.61 points, while the all-shares index gained 0.13 percent to
1,599.71 points.
Advancers outnumbered decliners 57 to 38 with 56
unchanged, with volume turnover amounting to P2.256 billion from
P2.225 billion on Wednesday.
The local currency closed at 44.460 to the
dollar, stronger than the previous day’s 44.590 finish.
“Partially it is because of the Federal
Reserve and mostly it is because of Wednesday’s momentum” when
the market rose 1.5 percent, said Rommel Macapagal, of Westlink
Global Equities Inc.
“But as we can see, we closed off the day’s
high because investors are still quick to take profits,” he
remarked, citing continuing uncertainty over external economic
developments.
He expressed hope that the market could still
recover as investors position themselves for window-dressing just
after the first half of the year.
Index leader Philippine Long Distance Telephone
Co. gained 0.2 percent to P2,420. Conglomerate Ayala Corp. gained
1.8 percent to P275.
San Miguel Corp. saw its A and B shares both
stay unchanged at P40.50.
-- AFP
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