Philippines share prices closed 2.3 percent higher on Wednesday with investors hopeful about the profit outlook for some big firms, dealers said. The composite index added 79.65 points to 3,612.63. The broader all-share index rose 41.24 points to 2,217.98.
A total of 1.2 billion shares valued at 1.9 billion pesos (45.96 million dollars) changed hands. Gains in select blue chips, led by Philippine Long Distance Telephone (PLDT) and conglomerate Ayala Corp, sent the benchmark index to its best finish in nearly two weeks, with Wall Street's gains also providing a lift.
"Investors are taking comfort from the actions of foreign groups to help financially distressed institutions in the US," said Nestor Aguila of DA Market Securities. "Investor hopes are high that there will be less troubles in the US financial sector by next year following those reassuring moves," Aguila said.
Fund managers continued to tidy up their portfolios as the year-end nears - a process called "window-dressing." "The market is now on its final trading week for 2007 and hopes are high that we will see a significant jump in share prices owing to window-dressing," said Francisco Liboro of PCCI Securities.
PLDT rose 80 pesos to 3,110 pesos while Ayala Corp added 15 pesos to 525. Digital Telecommunications Philippines, or Digitel, gained six centavos to 1.70 pesos. There are rumours that the loss-making mobile phone operator has attracted a number of interested buyers. San Miguel A shares were steady at 60 pesos. The food and beverage company's B shares fell one peso to 60.
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