Philippines share prices closed 0.31 percent higher on Tuesday on follow-through buying and bargain-hunting among second-liners, dealers said. They said momentum was likely to be sustained this week on expectations of stronger corporate results, after the market reopened following the Easter break.
The composite index added 10.19 points to 3,304.42 after trading between 3,306.05 to 3,289.15. The broader all-share index edged up 10.69 points to 2,110.57. Gainers beat losers 69 to 32, while 59 stocks were unchanged. Volume amounted to 5.3 billion shares worth 4.25 billion pesos (88.54 million dollars).
Gainers included property developer Megaworld Corp, which rose 30 centavos to 3.95 pesos and oil refiner Petron Corp which advanced 30 centavos at 5.10. SM Investments Corp gained 7.50 to 370. Top-traded First Philippine Holdings Corp was steady at 75.
Philippine Long Distance Telephone Co shed 30 to 2,530 while rival Globe Telecom Inc lost five to 1,270. Food and beverage giant San Miguel Corp's A shares were steady at 65 but its B shares were down 50 centavos to 73 pesos.
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