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LOCAL shares closed little changed Friday after
investors took profits following a seven-day rally and in the
absence of strong domestic leads, dealers said.
The market also digested reports
that the government has virtually approved an increase in the daily
minimum wage of private sector workers in the capital.
The 30-company composite index
inched up 1.69 points to 2,879.95 after moving between 2,872.97 and
2,887.29.
The broader all-share index edged
up 0.84 points to 1,774.25.
Turnover was higher at P3.3
billion, against Thursday’s P2.8 billion.
“With earnings reports almost
over, there were no major catalysts that would have sustained the
previous rallies,” said Jomar Lacson of Campos, Lanuza and Co.
“The range of corporate
earnings so far is uninspiring. It reflects investors’ pessimism
on the growth prospects of companies. There is distrust despite some
good results. Investors know that the impact of inflation will be
better reflected in the second quarter,” he said.
Philippine Long Distance
Telephone Co. dropped 0.2 percent to P2,685.
Ayala Corp. recovered from
previous declines to rise 3.76 percent to P345.
Benpres Holdings fell 1.9 percent
to P2.55 after its first-quarter net profit slid 91 percent from the
year before to P60 million.
San Miguel Corp. A shares were
steady at P44. Its B shares fell 1.1 percent to P46.
--AFP
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