Philippines shares edged up 0.2 percent on Tuesday, lifted by bargain-hunting and buying in companies linked to the prominent Lopez family, dealers said. The composite index gained 3.55 points to 1,859.98 points while the all-shares index rose 0.1 percent higher to 1,205.24 points.
There were only 31 gainers, 50 losers and 49 unchanged. Turnover amounted to 725.2 million shares worth 1.468 billion pesos (29.95 million dollars). "PLDT (Philippine Long Distance Telephone Co) and the Lopez group pulled the market up," said Claire Quiray of Accord Capital Equities Inc. Beer-based San Miguel, which is diversifying into new areas, is reported to be seeking a take-over of Meralco which has long been dominated by the Lopez family.
Meralco gained 0.55 percent to 90 pesos while First Philippine Holdings Corp rose 13.4 percent to 25.50 pesos and Benpres Holdings Corp rose 3.3 percent to 1.26 pesos. Philippine Long Distance Telephone Co gained 0.45 percent to 2,185 pesos even amid advance news that the company posted lower profits in 2008. San Miguel Corp saw both its A and B shares slip 3.22 percent to 45 pesos.
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