Philippines share prices closed 0.56 percent higher on Friday as fund managers built up portfolios in certain stocks in time for the closing of their books for the month, dealers said. The composite index added 20.23 points to 3,665.23, the day's high. The all-share index rose 15.93 points to 2,361.15.
There were 63 gainers and 57 losers, while 57 stocks were unchanged. Volume reached 2.42 billion shares worth 5.96 billion pesos (128.92 million dollars). The local currency traded at 46.232 to the dollar.
"The market was in a consolidation mode, with some investors doing some cherry-picking on the last trading day of June," said Astro del Castillo of First Grade Holdings. A-shares of Manila Electric, or Meralco, jumped nine pesos to 113. Its B-shares added nine pesos to 115.
The regulatory transition will reduce profit uncertainty for Meralco because tariffs would be set to reflect costs and would no longer be prone to being challenged in the courts.
The government's intention to sell its 28 percent stake in the power distributor, to raise additional revenue that will offset shortfall in tax collection, has also spiced up the price performance of Meralco shares, trader said.
Shares in Philippine Long Distance Telephone or PLDT, the biggest listed Philippine company in terms of market capitalisation, retreated 20 pesos to 2,650. San Miguel A was unchanged at 75 pesos while San Miguel B added a peso to 82.
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