Philippines share prices closed 0.15 percent higher Wednesday as support for the conglomerates pushed the market to its best levels since May before profit-taking trimmed the gains, dealers said. They said investors turned cautious after the index hit the resistance level of 2,400 points.
The composite index was up 3.64 points at 2,396.20, its highest close since May 17 when it ended at 2,463.57. The index moved between 2,384.90 and 2,401.55. Volume was 3.37 billion shares worth 1.84 billion pesos (36.5 million dollars.) The broader all-shares index rose 1.06 points to 1,482.59. Losers beat gainers 61 to 29, with 61 stocks unchanged.
"Investors lightened up their load after the key index hit 2,400. The market is probably just taking a breather and trying to build a base in the 2,350-2,380 range," said Rommel Macapagal of Westlink Global Equities.
He said a notice issued by the exchange advising investors to exercise prudence in making investment decisions was taken by some market players as a signal to cash-in gains.
In a memorandum to brokers Monday, the exchange said the stocks of a number of listed companies had breached their trading limits in the past two months.
It added that almost all these companies said they were not aware of any material information that might have caused the increases in the prices of their shares and volume traded. SM Investments, the most actively traded stock, rose 3.00 pesos to 230. Ayala Corp was up 7.50 pesos at 470. Philippine Long Distance Telephone fell five pesos to 1,995. Food and beverage giant San Miguel Corp's A-shares were steady at 65 pesos and its B-shares flat at 71 pesos.
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