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Philippine shares surge 2.3 percent as fund managers buff portfolios before year-end

Philippine shares surge 2.3 percent as fund managers buff portfolios before year-end

Philippine shares surged Wednesday, closing at a two-week high as fund managers began enhancing portfolios before the year-end, traders said.
The Philippine Stock Exchange Index climbed 79.65 points, or 2.3 percent to 3,612.63 after an extended weekend for the Christmas holidays.
"Given the relatively thin volume, this is just window dressing," said Jose Vistan, research head at AB Capital Securities. "It's hard to predict the outlook for 2008, and with this kind of volume it appears the market is a bit cautious."
Advancers outnumbered losers 83 to 26.
Philippine Long Distance Telephone Co., whose American depositary receipts rallied in New York before the Christmas break, led gainers, rising 2.6 percent to 3,110 pesos.
Investors also focused on blue chips Ayala Corp., Bank of the Philippine Islands and Manila Electric Co. Ayala Corp. rose 2.9 percent to 525 pesos, BPI gained 3.3 percent to 62 pesos, while Meralco's A shares, exclusive to local investors, gained 3.1 percent to 83 pesos.
"What we had is a post-Christmas rally. Can this be sustained? We'd probably have a reality check tomorrow, depending on how foreign markets perform," said Astro del Castillo, managing director at First Grade Holdings.
Trading volume was thin at 1.23 billion shares valued at 1.9 billion pesos. The average daily transaction volume this year up to last week has totaled 5.5 billion pesos.
The last trading day this year is Friday, Dec. 28. Philippine financial markets will be closed Monday, Dec. 31.
The peso rose against the U.S. dollar, which was weighed down by remittances from Filipinos overseas that built up over the extended weekend due to the Christmas holidays. The dollar closed at 41.28 pesos, down from 41.52 pesos on Friday.


Updated : 2020-11-30 10:51 GMT+08:00