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LOCAL share prices closed slightly higher Tuesday, with bargain
hunters stepping in as the market focused on corporate results,
dealers said.
The composite index gained 28.73 points to
3,108.72. It moved between 3,079.99 and 3,113.31. The broader
all-share index rose 9.72 points to 1,905.97.
There were 57 advancers and 33 decliners, while
59 stocks ended flat. A total of 1.3 billion shares worth P2.4
billion were traded.
Philippine Long Distance Telephone Co. (PLDT)
rebounded after tumbling 3.5 percent on Monday.
Shortly after the market closed, PLDT reported
that its 2007 core net profit topped its guidance, with growth still
underpinned by the performance of its wireless business.
PLDT gained P70 at P2,870.
Despite the market’s advance, investors
continued to worry about a weakening US economy.
“Today’s gains were more of a technical
rebound, there was very limited participation as investors are still
watching the overseas markets and the latest US economic numbers
were another reason for people to be cautious,” said Conrado Bate
of Citiseconline.
San Miguel Corp. A shares were steady at P47.
Its B shares gained 50 centavos at P50.
-- AFP
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