Philippines share prices closed 0.8 percent higher on Thursday, encouraged by Wall Street's gains and a surge in prices of gold and other metals overnight, dealers said. They said the seesaw session, however, reflected ongoing concerns about rising oil prices, inflation and a faltering US economy.
The composite index was up 24.19 points at 3,116.84 points after moving between 3,092.65 and 3,121.09. Volume totalled 548.4 million shares worth 2.4 billion pesos (59.02 million dollars).
Decliners outnumbered advancers 54 to 29, while 61 were steady. The broader all-share index gained 5.44 points to 1,904.68. The local currency traded at 40.661 to the dollar. "Investors are still unwilling to take fresh long-term positions, given the continuing volatility on Wall Street," said Gomer Tan of Regina Capital Development Corp.
"Volumes are normally weak when a market is consolidating. I think this consolidation will continue while investors keep an eye on economic news coming out of the US, oil price movements and any developments on the domestic front," Tan said. Philippine Long Distance Telephone Co (PLDT), the country's biggest company by market value, rose 60 pesos to 2,900.
Philex, the country's biggest gold and copper producer, advanced 20 centavos to 7.50 pesos. Manila Electric Co, or Meralco, rose 1.00 peso to 79. Food and drinks giant San Miguel Corp's A-shares, reserved for Filipinos, fell 50 centavos to 45 pesos. Its B-shares, which have no ownership restriction, were steady at 47 pesos.