Philippines share prices closed 0.75 percent higher in light trade on Friday, bucking a weaker regional trend as investors pushed stocks ahead following Thursday's gains, dealers said. They said trade was nonetheless cautious ahead of next week's policy meeting of the US central bank when it is widely expected to hike interest rates again.
The composite index added 15.78 points to 2,113.17, the high for the day, and after touching a low of 2,094.14. Volume was 868.3 million shares worth 752.3 million pesos (14.11 million dollars). The all shares index rose 6.06 points to 1,337.63.
Gainers led losers 39 to 34, with 45 stocks unchanged. The peso was at 53.33 to the dollar. "Continued bargain-hunting drove the key index back above the 2,100-points mark but we are uncertain if support will hold at that level next week given the cautious tone ahead of the interest rate meetings," said Astro del Castillo of First Grade Holdings.
Alongside the US Federal Reserve policy meeting June 28-29, the local central bank meets Thursday amid speculation the Fed could hike rates by 50 basis points rather than the anticipated 25 basis points. The Philippines' key policy rates have been steady since last October at 7.50 percent for overnight borrowing and 9.75 percent for overnight lending.
Top-traded Globe Telecom fell 20 pesos to 910 while Philippine Long Distance Telephone was unchanged at 1,800 pesos. Ayala Land rose 25 centavos to 11.25 pesos while affiliate Bank of the Philippine Islands advanced 1.50 pesos to 46. San Miguel A was steady at 65 pesos while its B shares rose one peso to 73.50.
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