Philippines share prices closed 1.5 percent higher on Wednesday, helped by Wall Street gains and investors picking up local stocks after an 11 percent slide over the past six days, dealers said. The composite index added 35.28 points to 2,457.00. In the broader market, the all shares index rose 20.88 points or 1.35 percent to 1,559.70 points.
Sixty-seven issues advanced, 26 declined and 48 were unchanged. Turnover totalled 1.14 billion worth 2.73 billion pesos (about 58 million dollars), the moderate volume underscoring investors' continuing cautiousness. The peso traded at an average of 47.016 to the dollar in the morning. "We continue to watch what's happening in America," Joseph Roxas of Eagle Equities told Dow Jones Newswires. He added: "Everybody's risk averse and many remain sidelined because of market volatility."
Philippine Long Distance Telephone rose one percent to 2,525 pesos, while Ayala Land added 2.1 percent to 9.70 pesos. Banco de Oro and Metropolitan Bank, both with exposures to collapsed US investment bank Lehman Brothers, surrendered early gains and ended down 4.5 percent at 31.50 pesos and three percent at 32 pesos, respectively. San Miguel A added 3.2 percent to 48.50 pesos, while its B shares gained 7.6 percent to 49.50 pesos.
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