Philippines shares higher

Philippines share prices closed 0.76 percent higher Tuesday, with investors taking their cue from overseas, dealers said. The composite index rose 21.49 points to 2,852.48. The all-shares index added 0.69 percent, or 12.58 points, to close at 1,816.89. A total of 2.9 billion shares worth 2.65 billion pesos (54.65 million dollars) changed hands.
Gainers led losers 61 to 37 while 66 issues closed unchanged. The peso averaged 48.49 to the dollar in morning trade. "Investors are apparently starting to price 2010 earnings," Ricardo Puig of ATR-Kim Eng Securities told Dow Jones Newswires. Geothermal energy producer Energy Development Corp closed up 2.1 percent at 4.90 pesos, while Philippine Long Distance Telephone added 0.8 percent to 2,440 pesos.