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LOCAL share prices closed slightly higher on
Thursday, encouraged by Wall Street’s gains and a surge in prices
of gold and other metals overnight, dealers said.
They said the seesaw session,
however, reflected ongoing concerns about rising oil prices,
inflation and a faltering US economy.
The composite index was up 24.19
points at 3,116.84 points after moving between 3,092.65 and
3,121.09. Volume totaled 548.4 million shares worth P2.4 billion.
Decliners outnumbered advancers
54 to 29, while 61 were steady.
The broader all-share index
gained 5.44 points to 1,904.68.
“Investors are still unwilling
to take fresh long-term positions, given the continuing volatility
on Wall Street,” said Gomer Tan of Regina Capital Development
Corp.
“Volumes are normally weak when
a market is consolidating. I think this consolidation will continue
while investors keep an eye on economic news coming out of the US,
oil price movements and any developments on the domestic front,”
Tan said.
Philippine Long Distance
Telephone Co., the country’s biggest company by market value, rose
P60 to P2,900.
Philex Mining, the country’s
biggest gold and copper producer, advanced 20 centavos to P7.50.
Manila Electric Co. rose P1 to
P79.
Food and drinks giant San Miguel
Corp’s A-shares, reserved for Filipinos, fell 50 centavos to P45.
Its B-shares, which have no ownership restriction, were steady at
P47.
--AFP
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