Philippines share prices closed 0.46 percent higher on Friday with bargain-hunters chasing select stocks, amid an easing in oil prices and modest gains on Wall Street overnight, dealers said. They said the rise was an improvement given the slightest of gains on Thursday, which signalled an end to an eight-day losing streak.
The Philippine Stock Exchange composite index gained 8.88 points to 1,934.56 after trading between 1,937.34 and 1,924.65 points. Turnover reached 464.7 million shares worth 799.89 million pesos (14.26 million dollars).
The all-shares index advanced 3.32 points to 1,175.01.
Gainers beat losers 45 to 15, while 49 stocks ended unchanged. The Philippine peso was trading at 56.09 to the dollar at the close of stock trading.
"The market may still consolidate further until we see a clearer direction on the oil and VAT (value-added tax) issues," he said referring to an expected Supreme Court ruling this month on the legality of an expanded value-added tax which is needed to control the budget deficit.
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