Philippine shares close higher led by miners, PLDT retreats for fourth day |
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Mon, 15 Oct 2007 05:33
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MANILA (Thomson Financial) - Philippine shares closed a volatile session in positive territory Monday with miners outperforming on a bullish outlook for the sector, offsetting losses in select blue chips led by index leader Philippine Long Distance Telephone Co (PLDT).Returning from a three-day weekend, investors snapped up mining stocks after strong rises in gold spot prices last Thursday before a mild pullback the following day. Philippine markets were closed on Friday for a public holiday.However, investors continued to lock in gains in blue chips that had rallied to record highs recently, including PLDT.The composite index finished up 37.18 points or nearly 1 percent at 3,861.38, after moving between 3,803.05 and 3,863.35.The broader all-share index rose 24.97 points or 1.0 percent to 2,418.29.There were 72 gainers and 46 decliners, while 51 stocks were flat.A total of 3.6 billion shares valued at 5.2 billion pesos were traded.(1 US dollar = 44.07 pesos)enrico.delacruz@thomson.comed/msCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Philippine shares mixed in early trade, PLDT extends losses but miners shine 