Philippines share prices closed 0.4 percent higher on Friday in a technical rebound after four straight days of decline, analysts told AFP. The composite index added 9.86 points to 2,554.75. The all-shares index rose 8.84 points to 1,628.46. Fifty-six issues advanced, 41 fell and 48 ended unchanged. Turnover fell to 2.9 billion pesos (65 million dollars) from 3.35 billion pesos on Thursday.
The peso traded at an average of 44.358 to the dollar. "We have been oversold for the past four days, so this is just a technical bounce," said Nestor Aguila of DA Market Securities. A number of listed companies are now trading below their price-earnings ratios, he added.
Among the top gainers were Petron Corp which added 30 centavos to 6.20 pesos and San Miguel Corp, whose A shares rose by a peso to 41. San Miguel B added 1.50 pesos to 41.50. Ayala Land rose 10 centavos to 10 pesos while its mother firm Ayala Corp was unchanged at 282.50 pesos. Philippine Long Distance Telephone added 25 pesos to 2,345.