RP shares close 0.4 percent higher

ABS-CBN News

Posted at Jun 26 2008 05:32 PM | Updated as of Jun 27 2008 01:32 AM

Agence France-Presse

Philippine share prices closed 0.4 percent higher on Thursday after the US Federal Reserve dropped hints it would not raise rates, dealers said.

The composite index rose 10.81 points to 2,521.61 points, while the all-shares index gained 0.13 percent to 1,599.71 points.

Advancers outnumbered decliners 57 to 38 with 56 unchanged, with volume turnover amounting to 2.256 billion pesos (50.73 million dollars) from 2.225 billion pesos on Wednesday.

The local currency traded at 44.465 to the dollar.

"Partially it is because of the Federal Reserve and mostly it is because of Wednesday's momentum" when the market rose 1.5 percent, said Rommel Macapagal, of Westlink Global Equities Inc.

"But as we can see, we closed off the day's high because investors are still quick to take profits," he remarked, citing continuing uncertainty over external economic developments.

He expressed hope that the market could still recover as investors position themselves for window-dressing just after the first half of the year.

Index leader Philippine Long Distance Telephone Co. (PLDT) gained 0.2 percent to 2,420 pesos. Conglomerate Ayala Corp. gained 1.8 percent to 275 pesos.

San Miguel Corp. saw its A and B shares both stay unchanged at 40.50 pesos.