(UPDATE) Shares close 0.8 percent higher
Agence France-Presse
First Posted 12:47:00 09/02/2008
MANILA, Philippines -- Share prices closed 0.8 percent higher on Tuesday, lifted by the drop in world oil prices, dealers said.
The composite index gained 21.73 points to 2,708.25. The all-share index rose 0.56 percent to 1,671.85 points.
There were 54 gainers compared to 30 losers and 68 unchanged counters. Turnover totaled 1.518 billion shares worth P1.276 billion ($27.48 million). The local currency traded at P46.424 to the dollar.
The upturn was "due to the decline in oil prices," said George Ching of Citiseconline.
The announcements last week of lower-than-expected gross domestic product growth and a hike in key interest rates did not have much effect.
"The rate hike was pretty much anticipated so it did not have any effect on the market," he said.
A continued downturn in world oil prices would likely contribute to lower inflation, which would boost economic growth prospects, Ching said.
Property giants did well with Megaworld Corp. gaining 4.05 percent to P1.54 and Ayala Land Inc. gaining 4.76 percent to P11.
Philippine Long Distance Telephone Co. gained 0.18 percent to P2,735.
San Miguel Corp. saw its A-and B-shares unchanged at P44 and P45 respectively.
|
