Philippines share prices closed 0.9 percent higher in subdued trade on Tuesday as investors wary about domestic political issues sought out bargains after a three-day slide, dealers said. They said gains were broad-based and led by blue chips but volumes were thin as cautious investors also awaited the resumption of trading on Wall Street following a holiday on Monday.
The composite index added 27.42 points to 3,190.67 after moving between 3,157.06 and 3,200.44. Volume traded totalled 2.6 billion shares valued at 3.1 billion pesos (76.29 million dollars). There were 77 advancers and 27 decliners, while 38 stocks were steady. The broader all-share index rose 15.57 points to 1,949.21.
The local currency traded at 40.631 to the dollar. The Senate and the anti-corruption authorities are investigating corruption allegations in a 329 million-dollar telecommunications deal in which President Gloria Arroyo's husband and a political ally have been implicated.
Metropolitan Bank rose three pesos to 45. Bank of the Philippine Islands was up one at 58. Banco de Oro gained one at 54. Philippine Long Distance Telephone advanced 20 to 2,940. San Miguel A was steady at 51 while its B shares rose 50 centavos to 52 pesos.