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LOCAL share prices closed higher on Friday, as
bargain-hunters snapped up battered stocks, dealers said Friday.
However, trading was cautious
with investors opting to wait for the next batch of earnings reports
before making any big moves, hoping the numbers would be strong
enough to sustain a rally.
The composite index rose 18.80
points to 2,779.42 after moving between 2,759.01 and 2,787.61.
The broader all-share index
gained 9.09 points, or 0.5 percent at 1,732.77.
There were 68 advancers, 26
decliners, and 65 unchanged issues.
Turnover reached 1.2 billion
shares worth P3.5 billion.
“Investors continued their
cherry-picking of stocks, but the market had a hard time trekking
higher, indicating the tentativeness of investors due to
uncertainties,” said Astro del Castillo of First Grade Holdings.
Philippine Long Distance
Telephone Co. inched up 0.2 percent to P2,595.
Manila Electric Co. closed up 5.2
percent at P71, rebounding from a sell off earlier this week after
at least two brokerages downgraded the stock.
San Miguel Corp. saw its A shares
rise by 1.08 percent to P46.50 while its B shares were unchanged at
P49.
--AFP
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