Philippine share prices closed 0.4 percent higher on Wednesday though early gains by blue chips were partly offset by last-minute selling, dealers said. The composite index rose 11.73 points to 2,739.43 after rising as high as 2,757.50.
The broader all-share index gained 6.38 points to 1,712.40. There were 59 advancers and 34 decliners, while 53 stocks were steady. Volume reached 1.5 billion shares worth 4.2 billion pesos (99.2 million dollars). Globe Telecom fell 3.5 percent to 1,250 pesos after it reported a four percent drop in core earnings for the three months to March due to the strong peso.
Philippine Long Distance Telephone rose 0.2 percent to 2,565 pesos after reporting a 21 percent profit rise in the same period. Ayala Corp rose 2.5 percent to 302.50 pesos. San Miguel A was steady at 46.50 pesos, while its B shares were also unchanged at 49 pesos.
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