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Philippines share prices closed 2.3 percent higher on Wednesday, buoyed by the overnight rebound on Wall Street, dealers said. They said investors were encouraged by positive developments overseas and by the latest batch of corporate earnings, shrugging off security and political concerns sparked by a bomb attack at the House of Representatives late Tuesday.
The composite index rose 82.13 points to 3,681.62. The broader all-share index gained 38.66 points to 2,258.85. Gainers beat decliners 90 to 28 while 43 stocks ended unchanged. Volume totalled 3.2 billion shares worth 4.9 billion (114.14 million dollars).
The local currency traded at 42.926 to the dollar. The day's biggest gainers were led by conglomerate Ayala Corp which added 20 pesos to 590. Ayala Corp reported after the market closed Tuesday that its net profit for the first nine months rose 41 percent to 13.6 billion pesos, boosted by gains across all its businesses.
Ayala's banking arm, Bank of the Philippine Islands, the country's third-largest bank in terms of assets, gained 3.50 to 68, while property unit Ayala Land Inc edged up 50 centavos to 16.50 pesos.
Market leader Philippine Long Distance Telephone Co advanced 25 to 3,030, tracking the 2.7 percent gain in its New York-traded American Depository Receipts overnight.
Bucking the trend was Southeast Asia's largest food and beverage group, San Miguel Corp which saw its A shares, restricted to local investors, falling one to 52.50, while its B shares, open to all investors, was steady at 54.

Copyright Agence France-Presse, 2007

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