Philippines share prices closed 0.7 percent higher Wednesday on better news from Wall Street but turnover was thin amid concerns over the US economy and domestic political issues, dealers said. They said investors were reluctant to move given US concerns and controversy over allegations that President Gloria Arroyo's husband and his close allies were implicated in a corruption scandal.
The composite index added 22.45 points to 3,223.35 after moving in a tight range between 3,200.90 and 3,234.72. The broader all-share index was up 10.41 points at 1,963.02. There were 59 advancers and 32 decliners, while 55 were unchanged.
Volume amounted to 816.5 million shares valued at 2.8 billion pesos (68.6 million dollars). The local currency traded at 40.824 to the dollar. The buying momentum suggested investors have "shrugged off for now, at least, local political concerns," said Jose Vistan of AB Capital Securities. "Investors would rather focus on companies rather than politics," said Vistan. Among blue chips, Philippine Long Distance Telephone Co (PLDT), the country's biggest company by market value, was up 30 pesos at 2,960.
PNOC Energy Development Corp rose 10 centavos to six pesos. The country's biggest producer of geothermal power said it plans to boost its output by bidding for four government-owned power plants and building new facilities. Food and drinks conglomerate San Miguel Corp's A-shares, reserved for Filipinos, rose one peso to 52 pesos. Its B-shares, which have no ownership restriction, gained 1.50 pesos at 52.50 pesos.