Philippines share prices closed 0.28 percent higher on Thursday on last minute bargain-hunting, in line with gains elsewhere in the region on the back of falling oil prices, dealers said. They said gains were made in Globe Telecom Inc and parent Ayala Corp but trading was conducted in a narrow range without any clear direction.
The composite index gained 7.13 points to 2,534.40 after moving between 2,520.46 and 2,540.82. The broader all-share index gained 3.56 points to 1,558.16. Gainers led losers 59 to 41 with 49 unchanged. Turnover was 3.88 billion shares worth 2.43 billion pesos (48.60 million dollars).
The peso traded at 50 to the dollar. "If you look at the big picture, the market is still consolidating at a lower base," DA Market Securities president Nestor Aguila said.
"All the recent news had already been priced in. "The month of October looks like a consolidation period. "We may begin to see some action next month depending on the third-quarter corporate results and the central bank's decision on interest rates," he added.
Globe Telecom rose 20 pesos to 1,100 while rival Philippine Long Distance Telephone Co. was unchanged 2,175. Conglomerate Ayala Corp advanced 2.50 to 485 after unit LiveIt Solutions Inc announced its acquisition of a US business process outsourcing firm, Integreon Management Solutions Inc, for 18 million dollars. Food and beverage firm San Miguel Corp's A-shares were steady at 66 pesos, while its B-shares fell one to 74.
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