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LOCAL share prices closed higher Monday as investors
chased bargains ahead of the release of key corporate results,
dealers said.
However they said the weak
volumes reflected continuing caution amid persistent concerns about
inflation.
The composite index added 29.98
points to 2,752.93 off a high of 2,774.76.The all-share index rose
20.41 points to 1,723.94.
There were 58 advancers and 30
decliners, while 58 stocks were steady. Turnover remained lean at
P2.1 billion compared with Friday’s P2.2 billion.
The peso traded at 42.35 to the
dollar.
“The blue chips did very well,
while gains in other stocks were respectable,” said Lawrence de
Leon of Accord Capital Equities.
“I think investors are betting
that corporate results won’t be as bad as previously
anticipated,” he said.
Several blue chips are due to
release profit reports for the three months to March later this
month.
--AFP
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