Philippines share prices closed 0.2 percent lower on Friday as investors cashed in on early gains going into the weekend prior to the inauguration of Barack Obama as US president, dealers said. The composite index shed 4.84 points to 1,950.13, while the all shares index slipped 0.1 percent to 1,238.77 points. There were 35 gainers, 32 decliners and 50 unchanged. Turnover reached 1.9 million shares worth 1.4 billion pesos (30.2 million dollars).
The peso traded at an average of 47.137 to the dollar in the morning. "Higher remittances by Filipino expatriates should continue to support consumption in the country, mitigating the impact of weak exports and foreign investments," Dow Jones Newswires quoted Citiseconline as telling clients.
Top-traded Manila Water plunged 15.7 percent to 10.75 pesos after regulators dismissed its petition to raise tap water rates. Philippine Long Distance Telephone added 0.5 percent to 2,195 pesos, while power supplier First General rose 4.2 percent to 12.50 pesos.
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