Philippines share prices closed 0.6 percent higher on Friday as bargain hunters stepped in after three straight days of losses, dealers said. But investors were picky and volumes remained thin as many markets in Asia remained closed for the Lunar New Year holidays, they said. The composite index gained 17.93 points to close at 3,241.13 points.
The broader all-share index rose 6.88 points to 1,977.61. Advancers outnumbered decliners 49 to 37, while 59 were steady. Volume amounted to 852.1 million shares worth 1.2 billion pesos (29.4 million dollars).
The local currency traded at 40.67 to the dollar. "We were relieved as the US market bounced a bit overnight," said Nestor Aguila, president of DA Market Securities. "But Wall Street's gains were quite insignificant to encourage investors to buy aggressively," he added.
"We're still dead in the water. There is nothing new in the market," said Jomar Lacson, research director at Campos, Lanuza and Co. "Investors are focusing on individual issues that are doing well or are expected to turn in positive results." Market heavyweight Philippine Long Distance Telephone Co was untraded throughout the session.
Ayala Land Inc, the country's biggest property developer, advanced 50 centavos to 14 pesos ahead of its 2007 results due out on Monday. Ayala Corp rose 2.50 pesos to 455. The conglomerate will announce its full-year results next Thursday.
Food and drinks conglomerate San Miguel Corp's A-shares, reserved for Filipinos, fell 50 centavos to 53 pesos. Its B-shares, which have no ownership restriction, were steady at 53 pesos.