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Philippine shares end mixed on a weak Wall Street |
| by GMANEWS.tv - 02/25/2009 |
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| "MANILA, Philippines-Philippine share prices on Monday closed mixed, following the overnight decline of Wall Street last Friday." |
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However, the prospects of US stocks bouncing on the session later prompted investors to pick up select stocks.
The bellwether 30-company Philippine Stock Exchange index rose 9.60 points or 0.5102 percent to 1,891.04 while the all shares climbed 5.09 points or 0.4177 percent 1,223.77.
Market breadth was negative with 43 losers, 32 gainers while another 43 stocks were unchanged.
The six sub-indices were split in half with Financials, Holding Firms and Services, retreating anywhere between 0.0497 percent and 1.6881 percent while Industrial, Property and Mining and Oil gained between 1.2591 percent and 2.2398 percent.
Volume was higher with 493.53 million worth P4.563-billion stocks changing hands.
Last Friday, Dow Jones dipped more than 100 points, but analysts noted that Dow futures indicate higher opening.
"We were down as much as 10 points in the early session and then we closed up nine point. That's a reversal of 20 points. There's the prospect of a bouncing Wall Street tonight and then regional bourses are also relatively strong," said Let Lazaro, Abacus Capital trader.
Utility firm Manila Electric Co., the day's top-traded, tumbled P3 or 3.2787 percent to P88.50.
Telecommunications giant Philippine Long Distance Telephone Co. jumped P5 or 0.2299 percent to P2,180.
Geothermal power producer PNOC-Energy Development Corp. leaped P0.20 or 8.3333 percent to P2.60.
Metropolitan Bank & Trust Co. was steady at P20.50.
Lopez-led holding firm First Philippine Holdings Corp. dropped P0.75 or 3.2967 percent to P22. Cheryl M. Arcibal, GMANews.TV |
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