Shares close 0.5 percent higher
Balita News
as investors snapped up bargain-priced stocks, analysts
said.
Jovis Vistan of Wise Securities Inc. said that "we are seeing a
little bit of bargain-hunting but it is kept at a minimum by some
concerns about higher oil prices and concerns on the labor sector
and transport sector" which are likely to demand higher wages and
higher fares if oil prices go up.
Vistan added that "negative publicity about the administration
... is also hurting the market" referring to concerns about
President Joseph Estrada's government.
"We could have seen a bigger gain with the Fed (US Federal
Reserve decision) already behind us," he said.
The Philippine Stock Exchange composite index fell 9.11 points
to close at 1,958.85 points.
Volume turnover rose to 16.787 billion shares worth 3.225
billion pesos compared to 13.315 billion shares worth
2.751 million pesos on Wednesday.
The Manila Electric Co. saw its A shares rise 50 centavos to
90.50 pesos while its B shares rose by three pesos to 103 pesos.
Philippine Long Distance Telephone Co. rose 10 pesos to 810
pesos but SM Prime Holdings Inc. remained at 6.30 pesos.