RP shares close 0.9% higher

Agence France-Presse

Posted at Jun 04 2009 01:52 PM | Updated as of Jun 04 2009 10:52 PM

MANILA - Philippine share prices closed 0.93 percent higher Thursday, bucking a weakness in most Asian markets, dealers said.

The composite index added 23.05 points to close at 2,494.24 while the all-shares index rose 0.57 percent to close at 1,608.02.

Turnover was 1.64 billion shares worth P3.1 billion ($65 million).

Advancers edged out decliners 52 to 49 while 55 issues were unchanged.

The peso traded at 47.36 to the US dollar from its previous close of 47.21.

"Technically, the market is overbought while fundamentally there are signs of weakness," Jose Vistan of AB Capital Securities told Dow Jones Newswires.

He was referring to a possible downgrade of economic growth targets and political uncertainty amid legislative effort to amend the Constitution.

Philippine Long Distance Telephone Co. rose 0.8 percent to P2,265 while Manila Electric Co. added 7.8 percent to P124.