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Philippine shares end 2006 at near 10-year high

Philippine shares end 2006 at near 10-year high

Philippine shares climbed to their highest level in nearly 10 years Friday, the last trading day of the year, lifted by stocks with rosy growth prospects.
The benchmark Philippine Stock Exchange Index advanced 39.16 points, or 1.3 percent, to 2,982.54 _ its best finish since April 7, 1997. The index gained 2.1 percent Thursday.
"The market may try to move toward the 3,000-point resistance ... next week," said Citiseconline investment analyst Mark Alan Canizares.
"The momentum is there right now in the market and there are no negative developments," he said.
Leading the ascent, geothermal producer PNOC-Energy Development rose 1 percent to 4.85 pesos.
Philippine Long Distance Telephone Co. was up 4.1 percent at 2,550 pesos, following the 1.9 percent gain by the company's American depository receipts in New York.
Gainers led decliners 53 to 43, while 76 stocks were unchanged.
The peso finished 2006 at its highest level in nearly six years Friday on steady inflows of remittances from Filipino expatriates and a lack of corporate demand for the U.S. currency.
The dollar closed at 49.03 pesos, down from 49.10 pesos Thursday.


Updated : 2020-12-01 02:19 GMT+08:00