Philippines share prices closed 1.0 percent higher on Thursday on selective buying of blue chips, dealers said. The composite index added 28.20 points to close at 2,829.02. The all-shares index rose 0.65 percent, or 11.64 points, to close at 1,798.73. A total of 1.72 billion shares worth 3.8 billion pesos (80.5 million dollars) changed hands.
Decliners led advancers 50 to 42, while 59 issues closed unchanged. Storm Ketsana triggered the heaviest flooding in Manila in decades last Saturday, leaving 277 dead and affecting over 2.5 million people. The government has said it may also set back growth this year, with the floods causing heavy damage to local businesses. Philippine Long Distance Telephone Co added 1.7 percent to 2,450 pesos while Metropolitan Bank and Trust Co rose 1.3 percent to 39 pesos. Property developer Ayala Land Inc gained 4.3 percent to 12 pesos.
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