Philippines share prices closed 0.95 percent higher on Wednesday, extending gains on Wall Street's lead and an easing in oil prices, dealers said. They said investors were happy to follow the solid offshore lead as Wall Street continued firmer but they remained cautious given uncertainties about the economic outlook and the Middle East crisis.
The Philippine Stock Exchange composite index added 21.46 points at 2,289.13 after trading between 2,266.04 and 2,290.27 points. The finish was the composite's highest level since June 6 when it settled at 2,289.80. Volume was 4.09 billion shares worth 1.03 billion pesos (19.82 million dollars.)
The broader all-shares index advanced 10.74 points to 1,420.48. Gainers outnumbered losers 66 to 21, with 47 stocks unchanged. The Philippine peso traded at 51.961 to the dollar. Philippine Long Distance Telephone closed up 25 pesos at 1,950 ahead of what are expected to be strong second quarter results.
Metropolitan Bank and Trust Co was up 50 centavos at 37.50 pesos while Equitable PCI Bank advanced two pesos to 79.50 pesos. Ayala Land rose 25 centavos to 12.75 pesos. San Miguel Corp A shares were flat at 66 pesos while its B shares shed 50 centavos to 71.50 pesos.