Buying on selected issues lifts Philippine stocks

08:42, May 13, 2010      

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The Philippine stock market closed 0. 19 percent higher Wednesday on last-minute buying on selected issues.

The benchmark Philippine Stock Exchange index gained 6.48 points to 3,269.41, while the broader all share index climbed by 0. 39 percent or 8.09 points to 2,044.51.

Some 26 billion pesos (576.6 million U.S. dollars) worth of shares were traded. The unusually high volume was mostly because of cross transaction of Manila Electric Co. (Meralco) shares. Philippine Long Distance Telephone Co. (PLDT) transferred 23 billion pesos (510.09 million U.S. dollars) worth of Meralco shares to newly-formed unit Beacon Electric Asset Holdings Inc. as part of the group's plan to consolidate its stake in Philippines' largest power distributor.

Decliners beat advancers 54 to 48 while 59 shares did not move. Three of the six counters closed lower, while foreign sellers beat buyers in Wednesday's session.

"The (interest) in selected issues helped lift the composite index which was trading in the negative turf prior to the closing bell," said Ivan Nario, trader at BDO Securities.


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