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Philippine stock index rises 1.5 percent as fund managers spruce up portfolios

Philippine stock index rises 1.5 percent as fund managers spruce up portfolios

Philippine shares climbed up for the fourth straight session Thursday as investors snapped up blue chips to spruce up their portfolios before year-end.
The main Philippine Stock Exchange Index rose 55.01 points or 1.5 percent to 3,667.64, with traders saying overnight performance of overseas markets will determine if the local bourse can rise above 3,700 points on Friday, the last trading day for 2007.
"Buying momentum is carrying us through," said Rommel Macapagal, chairman of Westlink Global Equities. "But we might see some profit taking later."
Philippine Long Distance Telephone shares climbed 2.3 percent to 3,180 pesos while rival Globe Telecom gained 3.9 percent to 1,600 pesos. Philex Mining rose 3.2 percent to 9.60 pesos on higher gold price. Shopping mall operator SM Prime Holdings was up 2.3 percent to 11 pesos.
The peso weakened against the U.S. dollar, which was lifted by some banks' dollar purchases in a move to cut short dollar positions ahead of the release of some U.S. data later Thursday. The dollar finished at 41.60 pesos, up from 41.28 pesos on Wednesday.