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Philippine share prices closed 0.3 percent higher on
Thursday as investors picked up bargains among the blue-chips but
sentiment was cautious after falls on Wall Street, dealers said.
They said the disappointing US
durable goods and home sales figures impacted New York, resulting in
thinner volumes on the domestic market.
The composite index closed up
7.54 points at 2,925.91 after moving between 2,906.30 and 2,931.61.
Volume fell to 3.2 billion shares worth 2.3 billion pesos (55
million dollars).
Advancers beat decliners 48 to
41, while 59 stocks were steady.
The all-share index gained 4.28
points at 1,794.17.
The local currency traded at
41.802 to the dollar.
“Bargain-hunting continued, but
we also saw some sort of a consolidation. The market seemed to be
taking a breather after a big advance in the last four days,” said
Lawrence de Leon of Accord Capital Equities.
“Foreign investors are probably
now doing some end-of-quarter window-dressing following a very
turbulent first quarter which saw prices plunging to very attractive
levels,” said de Leon.
Philippine Long Distance
Telephone Co (PLDT), rallied for the fifth straight session as
foreign fund managers snapped up the stock with the end of the first
quarter approaching.
--AFP
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