Philippines share prices closed 0.2 percent higher on Friday, lifted by strong interest in the country's largest mining company, dealers said. They said the rise, however, was weighed down by mixed signals from overseas markets and continuing concerns over domestic political developments.
The Philippine Stock Exchange composite index rose 6.44 points to close at 3,332.97 after moving between 3,313.69 and 3,337.87. Volume totalled 6.0 billion shares worth 3.5 billion pesos (75.25 million dollars). There were 62 gainers and 39 losers, while 51 stocks were unchanged.
The all-share index edged up 1.72 points to 2,117.26. The local currency traded at 46.509 to the dollar. Analysts said caution prevailed ahead of the graft court's verdict on deposed president Joseph Estrada's corruption trial due next week.
Estrada who was toppled by a popular uprising in 2001 still enjoys the support of many poor Filipinos and a conviction could stir up unrest. Philex Mining shares jumped 70 centavos to 6.20 pesos, leading gains in the mining and oil sector which advanced 8.1 percent.
Philex reported Wednesday its net profit for the first seven months of 2007 more than doubled to 3.1 billion pesos due to higher metal prices and volumes sold. Geograce Resources Philippines Inc rose 20 centavos to 1.70 pesos while Atlas Consolidated Mining and Development Corp advanced 75 centavos to 14.50 pesos.
Bargain-hunters, meanwhile, chased Bank of the Philippine Islands, which rose 1.50 to 63. The Philippine Long Distance Telephone Co (PLDT), the nation's biggest company by market value, fell 20 to 2,700. San Miguel Corp saw its A and B shares fall 50 centavos each to 62 pesos and 64.50 pesos respectively.
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