Philippines share prices closed 0.75 percent higher on Wednesday on a technical bounce sparked by overnight gains on Wall Street and lower oil prices, dealers said.
Investors, however, were generally reluctant to trade after the benchmark index was unable to hold onto recent gains above 2,400 points. The composite index rose 17.77 points to 2,379.43 after trading between 2,365.12 and 2,382.96. The broader all-shares index rose 8.15 points to 1,472.15. Losers led gains 60 to 40, with 52 stocks unchanged. Turnover was 3.04 billion shares worth 1.06 billion pesos (21 million dollars). The local currency was at 50.442 to the dollar.
"The positive sentiment in the US spilled over to the local market but only a few blue chips benefitted," said Ron Rodrigo of Unicapital Securities Inc. "It remains uncertain if these gains could be sustained in the next session as technical indicators still point to the market's overbought condition," he added.
He said a new catalyst would be needed to break through the 2,400 points barrier again. Philippine Long Distance Telephone, the most actively traded stock, was up 20 pesos at 2,020 pesos. Property firm Megaworld Corp rose two centavos to 1.86 pesos. Ayala Corp gained 10 pesos to 455 pesos after Macquarie Research raised its target price for the conglomerate's stock to 475 pesos from 380 pesos. Food and beverage giant San Miguel Corp's A-shares were steady at 65 pesos as its B-shares rose 50 centavos to 71.50 pesos.
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