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LOCAL share prices closed a percent higher Friday on window-dressing
as fund managers tidied up their portfolios for the end of the first
quarter, dealers said.
They said initial trade was lackluster after
Wall Street fell further overnight on worries about the outlook for
banks and disappointing earnings for business software maker Oracle
Corp, which dragged down technology stocks.
The composite index closed up 30.11 points at
2,956.02. Volume amounted to 1.1 billion shares worth P3.6 billion.
There were 60 advancers and 30 decliners, while
57 were steady.
The broader all-share index rose 14.77 points to
1,808.94.
The local currency traded 41.889 to the dollar.
“End-of-quarter window-dressing helped extend
the market’s rally into the sixth straight session. Investors
snapped up select blue chips, temporarily setting aside all the bad
news,” said Nestor Aguila of DA Market Securities.
Philippine Long Distance Telephone Co., the
country’s biggest company by market value, rose P70 to P2,800, its
best level in two weeks.
Ayala Land Inc. led gainers in the battered
property sector, rising 25 centavos to P11. Rival Megaworld Corp.
was up six centavos at P2.50.
Philex Mining Corp., the country’s biggest
gold and copper producer, advanced for the third straight day,
adding 20 centavos to P6.60.
Food and drinks giant San Miguel Corp. saw its A
shares remain steady at P44 with its B-shares also remaining unmoved
at P45.
-- AFP
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