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LOCAL share prices closed slightly higher Wednesday
as investors picked up bargains across the board, dealers said.
They said trading volumes fell
and stocks closed off their highs on persistent concerns about the
health of the US economy.
The composite index added 26.17
points to 2,918.37, off a high of 2,930.35.
The all-share index was up 16.72
points to 1,789.89.
There were 75 advancers and 26
decliners, while 54 were steady.
Turnover was 2.6 billion shares
worth P874.3 million. The peso traded at 41.58 to the dollar.
“The market started out strong
but there was a bit of profit-taking towards the close due to
concerns about the US economy,” said Jose Vistan of AB Capital
Securities.
“It’s a purely technical
rebound for a market that is extremely oversold. Investors continued
to buy on weakness, and then wait and see,” said Nestor Aguila of
DA Market Securities.
Philippine Long Distance
Telephone Co. rose P30 to P2,710, as the dominant carrier began
buying back shares from the open market as part of its plan to
repurchase about 1.1 percent of its outstanding common shares.
Philex Mining, which also plans
share buybacks, added 10 centavos to P6.10 following a rebound in
gold prices overnight.
--AFP
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