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Philippine shares hit 9 1/2-year high

Philippine shares hit 9 1/2-year high

Philippine shares climbed Wednesday to their best level in nine-and-a-half years on an upbeat economic outlook for the country.
The benchmark 30-company Philippine Stock Exchange Index rose 5.16 points, or 0.9 percent, to 2,883.47 _ its best finish since June 19, 1997. The index slipped 0.1 percent Friday.
"Investors are buying stocks for next year. Everyone's looking at a better year in 2007," said Wealth Securities analyst Ricardo Puig.
"I think we will end 2006 on a positive note," he said. "There's no reason to sell down the market now. Fundamentals are generally positive, and there are no negative developments."
Philippine Long Distance Telephone Co. was the most actively traded, rising 1.1 percent at 2,350 pesos, followed by Ayala Corp., up 5.6 percent at 570 pesos.
Geothermal producer PNOC-Energy Development gained 3.4 percent to 4.60 pesos.
The peso rose to its highest level in nearly six years in moderate trading and listless corporate demand for the U.S. dollar as the year winds down, traders said. The dollar closed at 49.195 pesos Wednesday, down from 49.280 last Friday, before the Christmas holidays.


Updated : 2021-05-18 05:44 GMT+08:00